FTSE 100 index (UK 100) global indices collapse
Global equities saw a continued sell-off as tech stocks crashed. The FTSE 100 index fell back after the sell-off saw a break at the 8300 level. Combining short-covering and buying the dips could help the price recover some lost ground. However, the first real test comes in at the former support 8080, and a bearish breakout would attract those still indecisive. Otherwise, the index could fall back to 7790 or lower.
USDCAD tests major resistance
The Canadian dollar advanced as America missed its NFP consensus. The pair has turned south at the support-turned-resistance of 1.3880 from a previous lengthy consolidation. This is a sign of relief from trapped buyers but might not be enough to renew interest in the greenback. A slide below the immediate support 1.3840 will show a lack of follow-through bids. 1.3800 is a critical floor and could cause a deep correction as a long-term bearish divergence continues on the RSI.
NZDUSD breaks higher
The US dollar plunged after further setbacks as the Fed is unsure if a September rate cut will happen. The Kiwi previously met stiff selling pressure at the mid-June peak of 0.6140 as buyers took some profits home. More buyers could join the game as the RSI’s overbought condition could cause a brief pullback. The psychological level of 0.6000 is a significant hurdle, and its breach could lay the groundwork for a recovery in the near term.
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