GER40 (the dax) remains choppy
GER40 (the dax) looks to get back on track after finding some firm support.
- A fall below 25500 from a lengthy consolidation is a sign of selling pressure by short-term bulls.
- The RSI is attempting to claw its way back into neutral territory as sellers take profit.
- The index is yet to stabilise as traders are wary of a further sell-off.
- A break at 25600 is needed for bulls to take over.
- Otherwise, a move below 25300 opens the door to 25000 at the start of a breakout rally.
EURUSD pulls lower
The dollar managed to get back on track after the Federal Reserve pushed the pair up by 100 pips.
- Price action has found some resistance at 1.1475, which has become the resistance to break.
- The directional bias shifts downward with an overbought RSI now threatening a bearish divergence.
- A pop above 1.1475 could put the Euro back on track and move to test 1.1520.
- 1.1380 is a fresh support in case the bulls need to catch their breath.
GBPCAD remains pressured
The pound is left licking its wounds as price action dropped further towards the 1.8700 area.
- A test above 1.8760 attracted some momentum buyers, but it wasn’t enough as prices move towards multi-month lows.
- 1.8800 is the intermediate hurdle, and the RSI’s oversold condition could prompt sellers to take some profit.
- Further up, 1.8880 is the next level to see if buyers remain in the game.
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