Intraday analysis covering USDJPY, XAGUSD hits another low, and SPX 500, highlighting recent price movements, key technical levels, and short-term momentum shifts across major markets.
USDJPY hits another higher high
The dollar remained bullish, hitting another fresh high as the rally continues.
- A close above 160.00 signals a firm extension towards the next target at 160.70.
- However, the RSI’s repeatedly overbought status has created a bearish divergence, which could bring prices lower.
- A break back towards 160.00 and then 159.60 will be the first target for a retracement.
XAGUSD hits another low
Silver spiked lower as global tensions increased. After being inside a bullish channel for the majority of last month, a break below 65.00 suggests bears remain in the game.
- The psychological level of 60.00 awaits as traders decide how bearish the metal market will continue to be.
- 62.50 is a firm support to prevent another downturn.
- On the flip side, 66.00 is the first target to crack should the rally die down, with the top at 70.00 the next test.
SPX 500 remains pressured
The S&P attempts to keep its cool as stocks continue to dive lower with concerns over inflation, oil and the Middle East crisis.
- A pop above 7500 is needed to put the index back on track for another record high and reinforce the bullish mood.
- On the downside, 7200 at the start of the recent breakout is important in keeping the current momentum intact.
- 7000 awaits on the horizon, but with the RSI heavily oversold, prices could begin to turn around.
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