SPX 500 on the comeback trail
The SPX 500 pushes higher thanks to a push in technology stocks. The sentiment is still overwhelmingly upbeat as the index grinds high to hit another record. Another bullish breakout would trigger a new round of rally to 5350. However, a potential bearish RSI divergence indicates a loss of momentum and could cause a retracement with some profit-taking. A break below the closest support of 5200 would be a confirmation and lower prices towards 5000.
USDJPY finds support
The Dollar clawed back losses after finding a firm double bottom at 154.50. The price is moving higher after clearing the central resistance area of 155.00. 156.60 over the 20-day SMA is now the next target for buying interests, as this would propel the greenback above the recent high of 157.80. A close below 154.80 is needed to trigger a reversal below 154.20 and would expose 153.50, the bulls’ second line of defence.
NZDUSD remains bullish
The US dollar slipped after last week’s jobless claims came out higher than expected. On the chart, a push above the demand zone of 0.6150 keeps the bull rally going. However, a bullish breakout may not mean that the Kiwi would be out of the woods, yet sellers could be expected around the support-turned-resistance of 0.6200. The latest low of 0.6090 is an immediate support; its breach would cause a new round of sell-off.
