Intraday Market Analysis – S&P 500 sees some upside

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Intraday Market Analysis - S&P 500 sees some upside

NZDUSD tests resistance

The New Zealand dollar recovers from dips as risk appetite makes its return. The pair came under pressure after it tanked below the daily support at 0.6060. With the RSI in the oversold zone, bargain hunters have been eager to buy the dip at the psychological level of 0.6000. But so far rebounds have been opportunities to sell into strength. The next one could also meet stiff selling pressure at 0.6130. The bulls will need to clear 0.6250 before they could turn sentiment around. Otherwise, the kiwi might drift towards 0.5900.

EURJPY keeps high ground

The euro finds support from a surprising 75bp hike by the ECB. The pair has climbed above last June's double top at 144.20, which indicates strong interest in maintaining the upward trajectory. 145.00 is the closest resistance and another breakout would pave the way for an extended rally to a near 8-year high at 147.00. In the meantime, the single currency could use some breathing room. Should buyers start to take profit, 143.20 would be a first level to expect trend followers.

SPX 500 bounces back

The S&P 500 clawed back some losses over a correction in bond yields. A drop below 3920 and a bearish MA cross indicates that the market mood still leans towards the cautious side. The short-term price action has found support at the origin of the July breakout near 3880. 4050 is the first resistance and its breach could attract more buying interest. Then the support-turned-resistance (4120) over the 20-day moving average would be within reach. On the downside, a bearish breakout may extend the sell-off to 3800.

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