( US 30) The Dow breaks 49000
( US 30) The Dow pushed higher as prices hit another record peak. The index is on its way towards 49500, starting the new year on the front foot. Some stiff resistance could be expected around 49200 due to profit-taking, with 48800 as the immediate support. In case of a pullback, the former resistance at 49300 is the target to the upside to reclaim another top spot, as stocks progress further.
USDCAD falls from peak
The American dollar pulled back against its neighbour as the pair retreated from a fresh high. The price drifted lower after moving away from 1.3800 as the RSI also bounced away from the overbought zone. A bearish divergence could trigger a correction if the immediate support of 1.3740 is broken, with 1.3650 being a critical floor. Any chance of turning sentiment around needs a clear break past 1.3800.
EURGBP probes support
The pound continues to dominate price action as the pair took another step lower. On the chart, prices are slowly reclaiming fresh lows from the sell-off, and choppy waters could be expected ahead as the euro hits multi-month lows. In the near term, a 100-pip drop has sent the RSI to a vastly oversold level, but sentiment will remain optimistic if the price remains above 0.8650. 0.8700 is the first hurdle to clear before buyers can push back.
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