( FTSE ) UK100 hitting lower lows
The ( FTSE ) UK100 looks for a lift as price action hits another lower low. After flirting with multi-month highs above 9300, a fall below the daily support of 9250 confirms that bears have made their way back. Last month’s low of 9050 is the next level to watch if the bearish impetus is intact, and its break would trigger a broader move lower. 9250 is the closest resistance if any potential comeback will materialise.
USDJPY looking for direction
The Yen continues to hold firm as the pair remains above the current support level around 147.00. A bullish RSI divergence indicated a slowdown in the sell-off momentum, but most buyers require further assurances regarding the sustainability of the current bounce. Some short covering could lift the pair to the next psychological level of 148.00. 146.80 is a fresh support, and 147.70 is a key resistance to clear before the rebound gains traction.
EURAUD beginning to pick up
The Australian dollar took a step backwards as the Euro jumped over 70 pips. On the chart, the bias is in favour of the upside after prices broke above 1.7900. The previous sell-off forced leveraged buyers to bail out, but as the tide turns, the current upshift would be valid if it stays above 1.7950. The RSI’s oversold condition could attract more bargain hunters as the price tests this demand zone. The first hurdle at 1.7950, followed by the peak at 1.8160, are the levels to overcome before the pair recovers.
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