S&P 500 index continues to rally
The S&P 500 index closed at another record high as stocks continued to digest last week’s Fed cut. The rally has hit a slight consolidation at 5730. A bearish RSI could show a pullback in momentum, suggesting that intraday buyers have taken some chips off the table. The index is looking to secure a foothold with 5650 at the base of the latest breakout rally as the first level to expect renewed buying interests. 5760 is the first resistance in case of a rebound.
USDCAD tests fresh lows
The Loonie fell further after the BoC indicated future rate cuts with the commitment to maintaining inflation near 2%. A break below 1.3500 was a strong bearish signal, forcing the remaining buyers to cover and paving the way for a continuation in the medium term. 1.3380 is the next target on the pair’s journey to multi-month lows at 1.3350. Any chance of a rebound first next move above 1.3470 to regain some control towards 1.3600.
EURGBP bounces back
The pound slipped against the Euro as price action bounced away from the recent low. The pair is still striving to hold above 0.8350 and safeguard its latest rebound. A bearish breakout would shatter the bit of optimism left from previous bullish attempts and drive the price towards 0.8300. On the upside, a close above 0.8375 would expose the swing high of 0.8450 and ease the downward pressure, and a bullish breakout could trigger a runaway rally to this summer’s peak of 0.8620.
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