The (FTSE) UK100 continues chopping grind
The (FTSE) UK100, along with most global equities, found relief in sustained signs of trade deals. The index remains heightened after the brief sell-off came to a rest near the recent low of 9080, as the recent bearish divergence on the RSI indicated that the pressure was waning. A combination of short-covering and buying the dips has helped the price recover some lost ground. The first real test comes in at the recent false spike towards 9200, and a bullish breakout would attract those who are still indecisive. Otherwise, the index could fall back to 9000 and lower.
USDCAD tests major resistance
The greenback pulled back further as traders continue to digest last week’s NFP numbers. The pair progressed after breaking through the 1.3800 level, ensuring that the bull run remained intact. However, a slide below the immediate support of 1.3780 shows exhaustion and a lack of buying interest in the pair. 1.3740 is a critical floor to prevent a sharp turnaround, and on the upside, 1.3880 is the first hurdle to lift to get back on track.
NZDUSD looks for reprieve
The US dollar was flexing its muscle across the board, with the kiwi being the next currency to suffer. The pair previously met stiff selling pressure at the psychological level of 0.6000 as bulls closed some profits. However, more buyers could join the game as the RSI’s oversold condition could cause a brief pullback. 0.5940 is an important resistance hurdle, and its breach could begin a recovery in the medium-term, otherwise, expect a test at 0.5840.
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