SPX 500 investors buy the dip
The SPX 500 attempts to close higher as prices look to bounce back from the latest dip.
- The index hit support at 7640 as a bullish RSI could show a further swing higher.
- Intraday sellers have taken some chips off the table as they await the next signal.
- The index is looking to secure a foothold as 7500 remains an important floor.
- 7850 is the target higher in case of another test at a fresh peak.
USDCAD tests fresh lows
The pair tumbled as the bear rally kept up the pace to a fresh low.
- A break below 1.4200 was a strong bearish signal, forcing the remaining buyers to cover.
- A continuation is expected if the dollar sell-off continues.
- 1.4080 is the next target on the pair’s journey, as traders wonder where the next support area will be.
- A rebound requires a move above 1.4140 to regain control towards the previous high at 1.4200.
EURGBP bounces back
The pound slipped against the Euro as price action bounces away from the recent low.
- The pair is still striving to hold above 0.8400 and safeguard its latest rebound.
- A bearish breakout would shatter the little optimism left from earlier bullish attempts and drive price lower.
- On the upside, a close above the current resistance at 0.8450 would expose the swing high of 0.8490 to ease downward pressure.
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