(The S&P) SPX 500 slides lower
(The S&P) SPX 500 took a deserved breather from the ongoing rally, as prices broke a 3-day winning streak. The index put the bulls on the defensive after falling away from an attempted record high. As the RSI moves away from the overbought area, 6600 is the level to watch to see if prices can stabilise or a broader liquidation could follow, leading towards 6450. 6700 has become a fresh resistance overhead as stocks look to regain their composure for another drive higher.
AUDUSD tests support
The Australian dollar remains under pressure as the US dollar continues to gain strength. The pair is still struggling to stabilise after touching below 0.6600. The RSI’s oversold situation on the chart could cause a limited rebound, giving the sell-off some breathing room. Fresh resistance could be expected at the previous high of 0.6630 as bears focus on the downturn. But in case of a further bearish breakout, 0.6520 would be a dividing line.
EURJPY maintains bull run
The Euro continued to drive prices as they moved towards a multi-decade high. As the rally extends, more trend followers could join and push the pair towards 175.80. Zooming into the chart, 174.00 has been a firm support level, offering steady reliance that the price action will remain afloat. Further down, 173.40 will be a major floor to keep the impetus intact, as bulls look towards their next target at 175.00
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