(FTSE) UK 100 seeking support
The (FTSE) UK 100 gave some rebound on the recent sell-off but now looks likely to test the recent low at 8730. The index has been hitting a lower low from the middle of June, when prices hit the first key resistance at 8900. A bullish move would flush out any selling interests and pave the way for an extended recovery to the previous consolidation zone around 8850. A close above this major ceiling could trigger a bullish continuation. However, on the flip side, a drop past the said support at 8730 could trigger a new round of sell-off towards 8600.
EURUSD hits another high
The Euro continues to rise over the greenback as prices hit another peak. The pair has moved over 150 in the past few sessions and is now hitting some resistance around the 1.1600 zone. The latest bounce has met some consolidation, and any sign of correction could move prices towards the base of the bull run at 1.1450. Its breach would invalidate the bullish momentum and cause a sell-off. A move past 1.1650 would resume the rally.
AUDUSD bounces back
The Australian dollar hopes to continue the charge as the American dollar struggles across the board. As the pair shifted over 100 pips higher since the beginning of the week, the recent choppy waves have led to a strict consolidation as the focus now shifts to the recent resistance at 0.6520. The RSI’s double top in the overbought zone could temporarily limit any further bullish fever, with 0.6440 being the closest support in case of a retracement.
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