The Dow (US 30) remains bullish
The Dow (US 30) continued its revival after another 100-point push as prices broke yet another critical resistance. Bulls have flushed out the remaining selling interests as price action aims for the mid-41000 area. However, the current double top could see a slight pullback in price action, with 40000 becoming a firm target in case of a pullback.
USDCAD looking for direction
The greenback retreated further as the Canadian dollar continued its dominance over its neighbour. The pair broke the psychological 1.3800 level as the pair looked to pursue its bearish rally. The former support at 1.3750 is the first hurdle to reach to see if sellers will maintain the pressure. Bulls will need to clear 1.3880 before they can hope for a turnaround in fortunes for the Loonie, with 1.3950 at the top of the recent channel as the next target.
EURGBP finding support
The euro found a recent double bottom, which paused the collapse of the pair. On the chart, prices are now consolidating, which shows strong enough interest in keeping the bulls intact in the short term. However, intraday actions could see some choppy waters after the bulls hit a wall at 0.8540. 0.8490 is the first support, with 0.8430 at the base of the current bounce as a second line of defence. A close above 0.8600 could attract momentum buyers at the last swing high and send the pair to April’s high of 0.8700.
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