Dow(US30) continues uptrend
The Dow(US30) remains bullish, with tech-heavy stocks rejoicing over the recent US trade deal. The index has found solid buying interest, and a quick bounce above 42000 has forced short-term sellers to cover. A close above the recent top would clear the path for a sustained recovery towards 42800, with the possibility of further extension. The RSI’s recent top in the overbought zone could cause a limited retreat, with 42000 being the first target.
USDCAD finds support
The pair found more support as the recent US/China trade deal lifted the dollar. A solid break above 140.00 injected more signs of life into bulls before a slight move lower, with support hitting the 1.3950 area. However, 138.80 at the previous bounce is a major floor, and its breach would take out the remaining buyers and signal a bearish continuation in the near term as the RSI flirts with the overbought area once again.
EURGBP sinking lower
The pound continues its recovery over the euro after the pair dropped over 200 pips in recent sessions. After hitting a monthly high, a heavy rejection above 0.8740 caused a broad sell-off. The confirmation came in as the pair broke the phycological 0.8500 level, denting the upward bias in the short term and exposing the lower end of the 0.8400 area. With the RSI heading to the oversold region, 0.8380 is the first support in case of a freefall.
Test your trading strategy on forex and stocks with Orbex
The post Intraday Analysis 14.05.2025 appeared first on Orbex Forex Trading Blog.