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The Japanese yen strengthened on better-than-expected Tokyo CPI in July. The bearish MA cross from the daily timeframe may have put the bulls on the defensive.
The dollar’s struggle to keep its head above 109.60 suggests a lack of commitment from the long side. 109.90 has established itself as a fresh resistance.
The RSI has risen back into the neutrality area, giving sellers room to push lower. 109.00 is the closest support and its breach could deepen the correction for the days to come.
The US dollar inches lower as July’s ISM Manufacturing PMI fell short of expectations.
The pair dipped further in the bearish territory after 0.9070 failed to keep the price afloat. An oversold RSI has helped the greenback to claw back some lost ground.
However, the rebound may be short-lived as sentiment favors selling into strength. 0.9090 is the hurdle where sellers could be waiting to jump in at a better price
0.8980 at the origin of the June rebound is a critical demand zone on the daily chart.
US stock markets remain supported thanks to strength among corporate earnings.
The Nasdaq 100 has slowly ground its way up from the 20-day moving average. The price action has once again bounced off the demand zone above 14800.
As the index recoups its previous losses, there is high hope that the rally could resume to new all-time highs. For this, the bulls will need to lift offers around the peak at 15140. Failing that, a pullback towards 14550, a key level on the daily chart would be the path of least resistance.
