Forex Trading Library

Intraday Analysis – USD tries to recover

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USDJPY breaks psychological hurdle

Chart of USDJPY

The US dollar climbed as data showed a resilient economy despite a restrictive rate environment. A break above the daily supply zone around 137.50 has put the dollar back on track as selling interests stepped aside. The bulls barely flinched at the psychological level of 140.00 where a breakout would attract more followers in hope of a sustained rebound in the medium-term. 141.00 is the next stop and 139.30 the first support as the RSI ventures into overbought territory. 138.30 would be the bulls’ second layer of defence.

AUDUSD struggles for bids

Chart of AUDUSD

The Australian dollar remained under pressure after the April retail sales fell short of expectations. A drop below the daily support of 0.6600 has invalidated the rebound from earlier this month, forcing those who bought during the 10-week long consolidation to bail out, driving up the selling pressure. As the RSI turns oversold, 0.6500 at the start of a breakout rally back in November 2022 is the area to see if buyers would re-emerge. 0.6610 from the previous demand zone is the first hurdle to lift to stop the bleeding.

NAS 100 bounces higher

Chart of US100

The Nasdaq 100 advances as investors pile into Nvidia and AI-related stocks. A rise above the August 2022 high of 13700 indicates robust buying interests in the medium-term as the bears struggle to contain the rebound. Even though the hourly price action might be choppy, the directional bias remains upward. The latest pullback has given the bulls some breathing room with 13520 attracting a ‘buying-the-dips’ crowd. 13800 is a fresh support and a close above the round number of 14000 would propel the index to 14300.

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