FTSE 100 (UK100) stuck sideways
The FTSE 100 (UK100) looks for direction as prices, along with the RSI, remain in a lengthy consolidation. The bounce off April’s low showed solid interest in keeping the bullish bias intact and convincingly breaking through the 8000 barrier with ease. As we head towards the 9000 level, traders remain uncertain about the next direction. On the flip side, a decisive break below 8400 might suggest that a correction could be on its way and could prompt some short-term buyers to bail out.
AUDUSD remains stable
The Australian dollar continues its choppy consolidation after bouncing at the 0.6500 area. The pair briefly tested this level, and a break here will give bulls a fighting chance to move back to the previous swing high above 0.6515. On the downside, 0.6350 is the immediate support at the bottom of the current sideways channel, which could prevent a broader sell-off in the near term.
NZDUSD rebounds lower
Similar to the Aussie, the New Zealand dollar looks to break free of the recent sideways channel that has forced the pair to give up recent gains. On the chart, the pair has fallen away from the recent peak at 0.6000, and a drop below 0.5850 could trigger a new round of sell-off. A close above 0.5940 would be an encouraging sign that could prompt sellers to cover it as the RSI falls into the oversold area. 0.5800 would be a second layer of defence for bulls should the price continue to drop.
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