Dow Jones (US30) heading for another peak
The Dow Jones (US30) ignored the recent tariffs imposed on steel and aluminium as stocks spiked higher. The index reached the mis-42000 level before a slight pullback saw some sideways hesitation. With the RSI in overbought territory, a correction could pull the index lower in the near term. A tentative break below 42250 would cause a retest of 42000, potentially triggering a deeper correction.
EURUSD continues choppy ride
The ongoing negativity with the greenback saw another 200 pips added to the value of the pair. However, the recent pullback in price action has seen the euro fall from its recent peak to break the 1.4000 level. A break lower below 1.1350 could prompt more buyers to bail out, turning this level into fresh support. The RSI’s neutral situation has attracted some sellers after the pair dropped 70 pips, and 1.1450 at the recent high is the next target for bulls.
USOIL finds double top
WTI bounced after finding firm support at the psychological level of 60.00. A further jump at 62.00 has seen traders attempt to keep the latest bounce valid, as the current sideways action is a sign of hesitation as both sides look to regain control. 63.50 is the first resistance, and a bullish breakout would lead to a test of 65.00. On the downside, a slip below 62.80 would flush out buyers and expose another downturn.
Test your trading strategy on forex and stocks with Orbex
The post Intraday Analysis 05.06.2025 appeared first on Orbex Forex Trading Blog.