European session, Overbought Levels
USD weakness pushed many assets to overbought levels. Investors dump US dollar and buying dollar denominated instruments across the globe. 10year US Treasury yields hit the lowest level since 2017 as investors’ expectations for a Fed rate cut in July have increased. Here is a list of the instruments that have reached overbought levels:
EURUSD trading at 1.13, the RSI stands at 75.77, the daily high is at 1.1305 and the low at 1.1225.
NZDUSD trades at 0.6591, the RSI stands at 73.3 the daily high for the is at 1.1305 and the low at 1.1225.
Gold trades at $1,382 per ounce the RSI stands at 75.7 the daily high is at $1,393 and the low at $1,357.
Silver trades at $15.37, the RSI stands at 70.11 the daily high is at $15,39 and the low at 15,11.
The momentum is bearish for USD but traders have to be very cautious at current levels.