Forex Trading Library

Intraday Analysis – Gold remains under

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USDCAD attempts to bounce

Chart of USDCAD

The Canadian dollar softened after May’s CPI came out of expectations. The pair remains under pressure with a series of lower lows demonstrating a growing downward pressure after it fell through 1.3250, with a bearish MA cross on the daily chart likely to attract bearish followers. The buy side is trying to get back into the game from 1.3110 and a close above 1.3170 is an encouraging sign. But they still need to clear the supply area of 1.3240 from a previously faded bounce to turn the situation around.

NZDUSD breaks lower

Chart of NZDUSD

The New Zealand dollar tumbled as traders bet on lower inflation in the region after a falling Australian CPI. The price has been drifting lower after coming across 0.6250 from the start of a sell-off in late May. This means that the sell side is pushing for a deeper correction in the medium-term. 0.6120 over the 30-day SMA has offered some support but its breach would trigger a new round of liquidation and make 0.6080 the next target. 0.6160 is a fresh resistance as an oversold RSI may cause a limited rebound.

XAUUSD grinds support

Gold slipped after US consumer confidence and home sales showed resilience in June. The price is still licking wounds after failing to hold above 1930 with a timid bounce to 1935 capped by stiff selling. A bearish MA cross on the daily chart and dynamic resistance from the 20 and 30-day SMA may attract more sellers. Only a break above 1966, the top range of a previous consolidation, might put the precious metal back on track. Otherwise, a fall below the fresh support of 1910 would open the door to 1850.

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