(US 30) Dow tests daily support
The (US 30) Dow holds steady as the market digests the recent Fed announcement. The recent spikes in price action suggest the index is testing the previous swing low at 44600, a significant level to keep July’s bullish momentum going as its invalidation could cause a deep correction. The top of a limited bounce at 45000 is the first hurdle to clear. In case of a bearish breakout, a move past 44600 opens up 44000 at the base of the breakout rally.
USDJPY looking for another high
The dollar stopped short of hitting another high as price action found firm resistance. The pair headed towards the round number of 148.00 as traders look for a confirmation break at this level. 147.20 is the next level to see if bears will step in before the pair extends lower to the psychological level of 146.00 at the base of the previous bull run. The RSI’s move towards the oversold area could see another test at the 148.80 high.
EURGBP sell-off continues
As the pair hit a new low around 0.8650, a potential bullish divergence on the RSI suggests a loss of momentum as prices find some support. A break below 0.8600 would provide confirmation and prompt more buyers to cover. The former support of 0.8520 could be the last obstacle standing in the way of a substantial sell-off. On the upside, a spike above 0.8680 would undermine the bears’ effort and trigger a rally to test the previous high at 0.8750.
Test your trading strategy on forex and stocks with Orbex
The post Intraday Analysis 31.07.2025 appeared first on Orbex Forex Trading Blog.