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Intraday Market Analysis – USD Finds Momentum

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AUDUSD turns south

The Australian dollar tumbles despite the RBA’s 50 basis point rate hike as risk aversion still prevails. A previous drop below 0.6830 has put the pair back in the downturn. A bearish MA cross indicates an acceleration to the downside. Last week’s rebound met stiff selling pressure in the demand-turned-supply zone near 0.6890, a reminder that the short side holds firm control. 0.6700 is the next target. An oversold RSI may cause a brief rebound, which could be an opportunity for the bears to sell into strength.

USOIL breaks lower

WTI crude plunges as the market lingers on concerns of slowing growth. A fall below 105.00 and a bearish MA cross on the daily chart have put the bulls on the defensive. The recent rally hit resistance at 111.50, which suggests a lack of conviction from the buy side. As the price became vulnerable to another round of sell-off, a clean cut through 104.70 and the daily support at 102.00 would bring in more momentum selling. 94.00 from March’s lows is the next support while 105.00 has turned into a fresh resistance.

UK 100 tests critical support

The FTSE 100 fell as a slump in commodity prices hit the index’s constituents. The latest bounce came under pressure near the origin of last week’s liquidation around 7280. After trapped buyers bailed out, the price’s failure to achieve a new high reveals waning buying interest. A break below 7080 at the base of the previous rally is a strong bearish sign and 6970 is the bulls’ last line of defence. Its breach would invalidate last week’s rally and send the index back into the downtrend. Then March’s low at 6800 would be the next stop.

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