Forex Trading Library

Intraday Analysis – Gold continues higher

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NZDUSD seeks support

Chart of NZDUSD

The New Zealand dollar jumped after an unexpected 50-basis point rate hike from the RBNZ. The latest surge came to a halt in the demand-turned-supply zone 0.6380-0.6390, suggesting that there is still strong enough selling pressure in spite of a choppy rally. Short-term buyers’ profit-taking has pulled the kiwi to 0.6275, a key support to keep the momentum going. Its breach would cause a revisit of 0.6210 on the 20-day SMA where a breakout could open the door to a bearish continuation in the medium-term.

XAUUSD aims at 13-month high

Chart of XAUUSD

Safe haven gold rises on worries of an economic slowdown. Following a brief consolidation, a pop above the psychological level of 2000 started a new round of rally. As sentiment remains overwhelmingly bullish, the March 2022 high of 2070 would be the next target. The RSI’s overbought situation may temporarily drag the price down but more buyers could be looking to stake in near the previous supply zone around 1990-2000. 1950 on the 20-day SMA would be the bulls’ second line of defence in case of a deeper pullback.

UK 100 consolidates gains

Chart of UK100

The FTSE 100 finds support from upbeat services PMI in March. As the index makes its way back to the previous daily support of 7770, growing resistance could be felt with a combination of profit-taking and renewed selling. 7720 is the immediate hurdle as the price turns south. 7605 is the closest level to see if the bulls will step in. Failing that, 7500 at the base of the breakout rally would be a major floor to test their commitment. On the upside, a close back above 7720 may resume the recovery above 7800.

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