The Dow(US30) continues choppy upturn
The Dow(US30) shrugged off the latest credit downgrade to end another positive session. A move above the recent high of 42500 has put bears under pressure, and with layers of support underneath, this is likely to be a continuation towards the next target of 43000. 42200 from the base of the last bottom is the current support should a correction appear as the RSI ventures into the overbought area.
USDJPY falls lower
The sell-off in the dollar market continued as the Yen fell through the 145.00 level. Coming off the recent high above 148.00, the pair was looking to hold on as it lost more ground. 142.00 at the base of the previous rally is an important level to keep the directional bias upward, as its breach would dent optimism and force buyers to bail out. The RSI’s oversold condition could attract some bargain hunters, but 144.60 is the first obstacle to pass to prevent the downturn from continuing.
EURCAD testing daily resistance
The Canadian dollar pulled back on its losses to the Euro after hitting heavy resistance. A confirmation break above 1.5700 could trigger an extension above 1.5780, which is a major ceiling should bulls manage to make their way back. The new support of 1.5600 is a key level to prevent a deeper correction and prevent prices from falling back down to the latest bounce at 1.5500.
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