The S&P (SPX 500) on the comeback trail
The S&P (SPX 500) inched higher towards another peak thanks to a push in technology stocks. Sentiment is still overwhelmingly upbeat as the index grinds higher to hit another record. Another bullish breakout would trigger another rally above 6200. However, a bearish divergence on the RSI could indicate a loss of momentum and could cause a retracement with some profit-taking. A break below the closest support of 6000 would be a confirmation and send prices lower towards 5700.
USDJPY sinks lower
The Yen clawed back losses after prices fell away from the recent peak at 148.00. Trading around the 144.00 area, the pair is moving lower after clearing the central support area of 146.00. 143.20 is now the next target for further selling interests as this would push the greenback into more negative territory. A close below 144.00 is needed to trigger this sell-off, with 144.50 and then 145.20 in the eyeline for bulls to turn things around.
NZDUSD remains bullish
The US dollar slips further against its competitors, and the Kiwi takes further advantage. On the chart, a push above the demand zone of 0.6020 kept the bull rally going. However, a bullish breakout might not mean that the Kiwi is out of the woods yet, as sellers could re-enter the market around the current swing high of 0.6080. The latest psychological low of 0.6000 is an immediate support, and its breach would cause a new round of sell-off.
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