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Intraday Market Analysis – USD falls back

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EURUSD attempts to rebound

The US dollar softened over slower wage growth in June. After the euro broke below the daily support at 1.0370, the lack of bids has been driving it towards parity. A bullish RSI divergence shows a slowdown in the sell-off, and the bears may start to take profit in the major demand zone around 1.0000. The historical level may also attract a number of bargain hunters, offering the single currency further support. 1.0220 is the first resistance and its breach would ease the downward pressure and confirm a rebound in the short-term.

CADCHF continues to climb

The Canadian dollar rallies as Junes unemployment rate dropped below 5%. 0.7480 has been a tough resistance to crack over a three-week long consolidation. Sentiment may finally have turned around after the bulls cleared this level. As sellers rush to close their positions, renewed buying interest could pave the way for a sustained rebound. 0.7580 is an intermediate resistance and its breach could propel the loonie to 0.7740 right below the recent peak. On the downside, 0.7480 has turned into a support level.

GER 40 breaks resistance

The Dax 40 jumps as risk appetite makes a timid comeback across equity markets. The index has found support over Marchs low at 12420. A close above 12850 forced sellers to cover and the momentum could bring in more interests in the short-squeeze. 13350 next to the 30-day moving average is a major obstacle and stiff selling pressure could be expected. A bullish breakout would open the door for an extended recovery. After the RSI shot into overbought territory, 12780 from the latest pop is the first support.

How do you feel the CAD will fare in the coming weeks? Open your Orbex account and trade now! 

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