AUDUSD RBA bounces the Aussie
The Australian dollar fell after a mixed attitude with the latest RBA rate decision. The greenback has recovered from the ongoing bullish rhetoric from the Aussie for the past three months to test April’s low of 0.6360. A break below this key support would open the door to the psychological level of 0.6300, which would be a step closer to a bearish reversal. In the meantime, an oversold RSI could cause a limited pullback, especially if intraday bears take some chips off the table. 0.6500 would be the first resistance in this case.
USDCHF struggles to find bids
The US dollar sank further as the risk of a recession edged closer. On the chart, sentiment has turned from cautious to highly bearish. A tumble below January’s low of 0.8460 is a vital sign of liquidation as the remaining buyers scrambled to the exit. The last time the dollar fell this quickly was during the infamously volatile January of 2015. As the RSI shows a repeatedly oversold condition, 0.8400 is the next level to see if any support would show up, and 0.8570 is the first layer of resistance to clear.
US 100 continues lower
The Nasdaq continued to fall as the sell-off continued. The tech-heavy index lost over 4% in recent trading as big tech stocks got hit. A drop below 18500 could have cleared the buyer’s last stronghold and forced them to switch sides, turning 18750 as the latest resistance. As trend followers join the action, they could see any pull back as an opportunity to buy in. The index is heading towards 18000, with 17600 as the next target.