By Orbex
US 30 challenges peak
The Dow Jones 30 index holds near its historic high on upbeat investor sentiment.
The break above 35330 has signaled the bulls’ commitment to maintain the upward bias, while 35200 is fresh support.
An oversold RSI has attracted the buying-the-dips mentality.
Price action has recouped the most recent losses and is now testing the peak at 35630. A bullish breakout may extend the rally towards the milestone at 36000. A deeper pullback would lead to the critical floor at 34700.
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USDJPY awaits breakout
The Japanese yen inched higher after a drop in July’s unemployment rate. The pair is in a narrowing trading range following its bounce off the demand zone at 109.10.
Sentiment remains optimistic as long as price action stays above this critical level.
However, the bulls may encounter selling pressure at 110.50 from the August sell-off. A bullish breakout would attract momentum buyers and extend the rally to above 111.00.
On the downside, a break below 109.50 would lead to a retest of buyers’ resolve.
NZDUSD tests major resistance
The US dollar continues to weaken across the board from the post-Jackson Hole hangover. The Kiwi is at a crossroads as it climbs back to the daily resistance at 0.7050, the origin of the previous sell-off.
A bullish breakout would prompt sellers to cover their bets and lay the groundwork for a reversal.
0.7100 would be the next target. However, the RSI’s multiple ventures into the overbought territory may temper the bullish fever.
The base of the momentum at 0.6940 is the key to keeping the recovery valid.
By Orbex
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