Intraday Analysis – XAU remains under pressure
AUDUSD seeks support The Australian dollar recovered after a hawkish RBA hinted at further hikes. A drop below the daily support of 0.6870 has dented the optimism in the short-term. The four-month long rally could be in for a bit of consolidation after the aussie cleared the daily resistance at 0.6900 which […]
Intraday Analysis – USD breaks higher
USDJPY grinds supply zone The US dollar extended gains on the NFP momentum. On the daily chart, the 30-day SMA (131.10) has been acting as a tough resistance and its latest breach suggests that bearish sentiment has waned. A tentative break above 132.80 exposes the support-turned-resistance of 133.30 and potentially the daily […]
Intraday Analysis – USD recovers lost ground
EURUSD goes into correction The US dollar soared after January’s jobs report far exceeded estimates. The pair came to a halt in the supply zone around 1.1000 from last April’s sell-off. A drop below the bullish engulfing candle at 1.0890 was already a sign of weakness with the euro struggling to hold […]
Intraday Analysis – USD may strike back
GBPUSD breaks support The pound fell back after the BoE hinted at a slower tightening as inflation seemed to have peaked. The medium-term outlook still supports the recovery theme after the pair bounced off 1.1900. The recent choppy action below the mid-December high of 1.2450 could be a mere consolidation phase even […]
Intraday Analysis – USD under renewed pressure
EURUSD pops higher The US dollar plunged after the Fed’s 25 bp hike raised hopes that the peak rate is getting closer. On the daily chart, the euro has bounced off the 20-day SMA (1.0800) as it sought to preserve its gains above last May’s high of 1.0780. A sharp break above […]
Intraday Analysis – CAD bounces back
USDCAD gives up gains The Canadian dollar recouped losses after November’s GDP beat expectations. On the daily chart, the pair is still in a flag consolidation. A break above the previous resistance of 1.3400 eased some pressure but was not enough to clear the supply zone between 1.3470 and 1.3500. A sharp […]
Intraday Analysis – USD in consolidation mode
USDJPY grinds resistance The Japanese yen finds limited support from a rise in the December retail trade number. On the daily chart, last May’s low of 126.50 and the 20-day moving average (131.10) are compressing the price range and a breakout would dictate the next move in the medium-term. Intraday-wise, the pair […]
Intraday Analysis – USD needs catalyst
AUDUSD tests major supply area The Australian dollar stays high as traders remain hopeful of a dovish Fed pivot. A tentative break above last August’s high of 0.7130 further fueled the bulls’ enthusiasm and could lay the foundation for an extended reversal to 0.7270. In the short-term, the RSI’s bearish divergence indicates […]
Intraday Analysis – USD tries to stabilise
USDCHF grinds support The US dollar builds a base ahead of the Fed rate decision next week. An initial pop above 0.9240 has prompted short-term sellers to cover some of their bets. Though 0.9280 along the 30-day moving average has proven to be a tough level to crack for the time being. […]
Intraday Analysis – CAD falls back
USDCAD attempts to rebound The Canadian dollar slipped after the BoC signalled a pause in rate increases. On the daily chart, the pair is looking to hold above 1.3320 as a triangle consolidation pattern seems to be taking shape between 1.3230 and 1.3700. After hitting resistance at the former support at 1.3520 […]