( US 30 ) The Dow looks for a fresh peak
( US 30 ) The Dow is stuck in consolidation as it nears another record high. A break above 48500 prompted short-term bears to exit, helping the market mood stabilise after the recent correction. The RSI’s bearish divergence showed a deceleration in the rebound, but was not enough to stop the bullish fever. A brief pullback could be an opportunity for buyers to accumulate and push prices above 49000. 48300 is a critical support if prices fall back.
USDCAD sinks lower
The American dollar pulled lower on the back of the latest Non-Farm Payroll numbers. The pair is looking for support at the 1.3750 zone as overall sentiment remains negative. The psychological level of 1.3700 could be the bears’ last stronghold, and its breach would spark volatility and signal a bearish continuation towards 1.3600. On the upside, the latest swing high at 1.3840 makes it an area of interest in case of a pullback.
EURGBP edges lower
The pound clawed back some losses as prices moved away from the recent peak at 0.8800. A surge below 0.8760 indicated that sellers have made their way back. As the buy side is forced to trim their positions, the path is clear for a bearish rally towards last week’s low of 0.8720. In the meantime, the RSI’s neutral condition could temporarily limit the downside and 0.8780 would be the first level to gauge the strength of follow-up buying.
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