NZDUSD heads towards key support
The US dollar tripped after a fall of the Michigan Consumer Sentiment Index. On the daily chart, the kiwi is pulling back towards the 20-day moving average after it surged above 0.7100.
0.7080 at the lower end of a ten-day-long consolidation has so far failed to secure bids. An oversold RSI has triggered a limited rebound at 0.7055.
A bearish breakout would send the pair to the psychological level of 0.7000, which coincides with the 50% Fibonacci retracement of the August rally.
0.7085 is the nearest resistance if buyers take over.
EURGBP tests resistance
The pound retreated after the UK’s retail sales showed a contraction in August. The pair has been looking for support after it broke above the daily resistance at 0.8555.
As the RSI recovered to the neutrality area, a close above 0.8540 may give buyers more confidence. 0.8560 from a previous false rebound is now a resistance.
Its breach would open the door to 0.8600. Failing that, 0.8520 is the first support to monitor and a deeper correction would invalidate the rebound and push the price to 0.8485.
XAUUSD breaks demand area
Gold licks wounds after US retail sales unexpectedly increased in August.
The plunge below the supply zone near 1780 has triggered a series of stop-losses. The demand area around 1745 struggled to contain the sell-off. Sellers were eager to short the rebound.
The RSI goes back into the oversold area, a sign that sentiment stays deeply bearish.
1730 is the next support. Renewed momentum may push the price to 1708. Buyers have the challenging task of lifting 1767 before they could expect a turnaround.
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