SPX index breaks major floor
The SPX Index noted back-to-back losses as Wall Street struggles with September. The index put the bulls on the defensive after falling away from an attempted record high. As the RSI moves towards the oversold area, 5400 is the level to see if prices can stabilise or a broader liquidation could follow, leading to 5120 and the previous bottom. 5600 has become a fresh resistance overhead.
AUDUSD tests resistance
The Australian dollar weakened after GDP growth remained stagnant. The pair is still struggling to stabilise after touching below 0.6700. The RSI’s oversold situation on the chart could cause a limited rebound, giving the sell-off some breathing room. Fresh resistance could be expected at the previous high of 0.6800 as bears might be focusing on the downturn. But in case of a bullish breakout, 0.6750 would be a dividing line.
EURJPY probes support
The Japanese yen recouped some losses after gaining over 300 pips in the last few sessions. As the rally extends, more trend followers could join and push the pair towards 158.00. Looking at the chart, 159.20 has been an accumulation of ground offering steady support. Further down, 157.50 would be a significant floor to keep the impetus intact, with any rebound needing a break at 160.00.
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The post Intraday Analysis 06.09.2024 appeared first on Orbex Forex Trading Blog.
