GER 40(the Dax) falls from peak
GER 40(the Dax) reached a fresh peak in recent sessions before prices turned south towards 24000. The index looks to remain elevated after hitting a double bottom at 23800. 24300 is the next target, although the RSI’s indecisiveness could lead to a reversal if buyers close some of their profits. 23400 is the closest support, while the psychological level of 23000 would be the next layer of defence in case of a deeper retreat.
USDCAD attempts bounce back
The American dollar finds some support as the pair attempts to hold above 1.3700. Price action has moved over 30 pips higher after weeks of downward pressure. A bullish breakout would be a decisive signal that the greenback could enjoy an extended recovery to the recent high of 1.3850. 1.3680 is the first support in case of prolonged hesitation, and 1.3600 is a firm support to maintain an upward bias.
EURJPY remains bullish
Improved risk appetite continues to favour the Euro as the pair gained over 200 pips against the Yen. As the pair sticks to a brief consolidation, a close above 163.50 could force short-term sellers out, leaving the door open to a potential broader extension, with the round number of 165.00 as the next hurdle. On the downside, a move below 162.50 is needed for sellers to test the previous false spike towards 161.00.
Test your trading strategy on forex and stocks with Orbex
The post Intraday Analysis 04.06.2025 appeared first on Orbex Forex Trading Blog.