Intraday analysis covering USDJPY(The Yen) , NZDUSD , and SPX 500 , highlighting recent price movements, key technical levels, and short-term momentum shifts across major markets.
USDJPY sinks lower
USDJPY(The Yen) clawed back losses after prices fell away from its recent peak.
- Trading around 162.50, the pair is moving lower after hitting major resistance at 162.75.
- 162.00 is now the next target for further selling interest, as this would push the greenback into more negative territory.
- A close below the said target is needed to trigger this sell-off, with 161.40 in the eyeline for a reversal.
NZDUSD remains indecisive
The US dollar slips further against its competitors, and the Kiwi took further advantage.
- On the chart, a push above the demand zone of 0.5650 has opened the door to further buying.
- However, a bullish breakout might not mean that the Kiwi is out of the woods yet, as sellers could re-enter the market to force another test at 0.5630.
- 0.5710 is the next target higher, with 0.5800 waiting on the horizon.
SPX 500 on the comeback trail
The S&P inched higher towards another peak, driven by a push in technology stocks.
- Sentiment is still overwhelmingly upbeat as the index grinds higher towards another record.
- Another bullish breakout would trigger another rally above 7600.
- However, a bearish divergence on the RSI could indicate a loss of momentum and could cause a retracement with some profit-taking.
- A break below the closest support at 7360 would confirm a move lower towards 7120.
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