EURUSD maintains 100-pip jump
The Euro advanced as the ECB cuts and maintains their rate policy, pushing the pair towards the 1.1100 level. On the chart, the pair is inching towards the demand zone near 1.1130. Zooming into the hourly chart, the RSI’s double dip in the overbought area has brought some selling interest as the Euro tries to stabilise above 1.1080. 1.1100 is the first resistance to crack to give the bulls a ray of hope. Then, they will need to lift the significant ceiling of 1.1150 at the previous bullish spike before a recovery can materialise.
NZDUSD jumps higher
The Kiwi saw some momentum as the greenback remained weak across the board. However, the latest rebound came to a halt at 0.6180, and a subsequent dip below 0.6150 could put the buy side under pressure. The former support of 0.6230 is the first hurdle to clear to ease the downward pressure before moving towards the next top at 0.6300. A new round of liquidation would be sending the Kiwi towards 0.6000.
US 30 turning the page
The Dow edged higher after tech stocks rallied on Wall Street. A sign of exhaustion appears to take shape as the RSI ventures into the overbought area. Sellers have faded out as the latest rebound at 40000 signals a strong bearish skew in the near term. With buyers cautiously waiting on the sidelines, the index is yet to find a bottom. 41400 at the recent top is the next level to see if buyers are back, or the daily support of 40600 would be a critical floor to keep the Dow afloat.