UK 100 (FTSE) bulls remain in the market
The UK100 (FTSE) maintained its winning streak as it broke the 8500 level. The rally has put the index on track to test this year’s high. A continuation could signal a move to a new all-time high above 8900. However, bulls would need to catch their breath and consolidate their gains. Any signs of a pullback will need an 8500 break, with a deeper correction testing the psychological level of 8000.
EURUSD hits support
The Euro looks to claw back losses after sentiment shifted again across the market. Prices remain resilient after a bounce at the 1.1260 area, and a drop below this level would open the door to weekly lows towards 1.1000 and could push short-term buyers to the sidelines. With the RSI moving into neutral territory, 1.1350 at the top of the previous bearish downturn is likely to be tested. The recent high of 1.1420 is the key hurdle to break before bulls can regain control.
AUDUSD breaks higher
The Australian Dollar broke out of its long-term consolidation phase as the pair continued to drive higher, negating the downward spiral from the beginning of April. Bulls will need to clear 0.6500 before a meaningful bull run can take shape. Otherwise, a drop below 0.6400 will show little commitment to the buy side and could potentially lead to a broader liquidation below the November lows of 0.6330. 0.6500 is a fresh resistance as the RSI attempts to recover into the neutral zone.
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