The Dow Jones(US 30)regaining lost ground
The Dow Jones(US 30) progressed as the index extended its winning streak. Price action goes from strength to strength after breaking above 42000. 41400 is the current support where buyers have stepped in, but now 42750 could prove to be a tough level to crack after previous firm resistance. Its breach could push the index to another fresh high as stocks continue to rally as President Trump keeps a lid on his tariffs for now.
EURUSD begins correcting
The dollar surged as traders reacted to a boost in confidence that the trade war was slowing down. The move has led short-term sellers to liquidate their positions after a 100-pip move to the downside. Prices are now testing 1.1300, which makes it a critical floor to maintain the rally, and a bearish breakout would open the door for a move towards this month’s low towards 1.1100. The RSI’s oversold momentum could attract some buyers to move in and attempt to break 1.1350.
NZDUSD feels the pressure
The New Zealand dollar is another casualty of the recent sentiment shift, as prices fall towards the 0.5900 area. The pair is striving to hold on to its gains as the recent false spike has led to a minor retracement, and 0.5950 is a significant level to keep the Kiwi’s edge. A close above 0.6000 will be an encouraging sign, and bulls will need to break 0.6040 before they can hope for a sustained extension. On the downside, a bearish move would expose the recent support at 0.5900, which is a critical floor in the near term.
Test your trading strategy on forex and stocks with Orbex
The post Intraday Analysis 29.05.2025 appeared first on Orbex Forex Trading Blog.