(EURUSD) The Euro reaches new peak
(EURUSD) The Euro accelerated further over the dollar as the rally continues. The pair continued higher as price action tested the 1.1680 level. However, the RSI’s overbought condition could attract some sellers, with 1.1640 as the first hurdle. Follow-through buying above 1.1680 is critical in keeping the momentum intact, as a fresh breakout could trigger a bullish extension above 1.1700.
USDJPY fails to progress
The Yen looks poised to capitalise on the greenback’s current weakness as the pair hits a fresh low. Recent profit-taking at 155.50 didn’t dent optimism too much, with 154.80 now proving a robust support level. On the flip side, a combination of bargain hunting and momentum buying could propel the dollar back to the recent high above 156.00. Its breach could lead to a turnaround in fortunes, with 156.60 as a major ceiling.
NZDUSD driving higher
Like most forex pairs, the Kiwi showed its progressive dominance over the US dollar. 0.5800 is the next hurdle to break to ease any chance of a reversal. Further up, 0.5860 is a major cap, and bears could look to sell into strength if the overall sentiment turns downbeat. The recent low at 0.5740 is immediate support, and its breach would open the door to a break below 0.5700.
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