Intraday Analysis – Double Top Drop for the Dow 30
![Intraday Analysis – Double Top Drop for the Dow 30](https://assets.iorbex.com/blog/wp-content/uploads/2024/03/15095657/Intraday-84.png)
The Dow 30 stuck sideways
![Chart illustrating sideways movement of the Dow 30](https://assets.iorbex.com/blog/wp-content/uploads/2024/03/15095500/US30-chart-15-3-2024.png)
The Dow Jones 30 clawed back some losses as traders cautiously waited for the Fed’s next move. As the sideways consolidation continues, a drop of 300 points has awoken the bears. A drop down to 38450 is next, but it needs a 38750 break first. Failing that, the current trend could be ignored, with a break above 39300 leading to more record highs in the medium term.
AUDUSD another rejection
![Chart showing AUDUSD rejection from recent top at 0.6600](https://assets.iorbex.com/blog/wp-content/uploads/2024/03/15095409/AUDUSD-chart-15-3-2024.png)
The Australian dollar moved away from its recent top after progress data came out of America. A close below the psychological handle of 0.6600 has created a bearish divergence that threatens to lower prices. 0.6570 is the next support, with a move to 0.6480 in sight. A bullish breakout could extend towards 0.6640, but heavy resistance is at the recent swing high.
NZDUSD drops at double top
![Chart displaying NZDUSD retreat after double top rejection at 0.6170.](https://assets.iorbex.com/blog/wp-content/uploads/2024/03/15095437/NZDUSD-chart-15-3-2024.png)
The Kiwi retreated after a firm rejection at the recent double top. A close below the recent double spike at 0.6170 has forced buyers to cover their positions, turning the short-term mood around. A temporary retracement could allow bulls to switch sides, and a break past 0.6200 would see the pair attempt a triple top. On the downside, 0.6120 is the next support as the price hangs.