(The Dow) US30 hitting some resistance
(The Dow) US30 retreated slightly after testing all-time highs as the Fed indicated that a rate cut is imminent. The mood has turned cautious at 46100 with an overbought RSI on the chart calling for a breather after weeks of uninterrupted rally. A drift below the previous swing low of 45400 will put traders on the defensive, but could be an opportunity for early buyers to take profit. 46000 is the level to see if trend followers would support the market or if the index could be vulnerable to a correction.
USDCAD breaks lower
The greenback softened even further as the pair hit a new multi-week low ahead of the Fed’s rate decision. Price action has made its way back below 1.3800 as buyers were prompted to cover their bets, driving the quote lower. A bullish pullback would turn the tables by confirming the constant oversold status on the RSI and would help the greenback regain the upper hand. 1.3800 then 1.3880 at the origin of a liquidation would be the next target, with 1.3730 as the first support.
EURGBP maintains consolidation
The pound looks to advance after prices remained indecisive after the recent sell-off. Since the price secured a foothold above 0.8640, bulls will look for confidence to push higher. The latest failure to break past 0.8680 has further put the buy side under pressure, and a bearish breakout could trigger an extended rally towards 0.8600. On the upside, 0.8660 is the immediate resistance for the euro to gain some lost ground.
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