Forex Trading Library

Intraday Analysis – Gold bounces back

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GBPUSD tries to bottom out

The higher beta pound bounces as risk sentiment recovers. The price may continue to be skewed to the downside after June’s swing low and the round number of 1.2600 failed to contain the corrective impetus. The RSI’s double dip in the oversold area has attracted some buying, probably due to intraday profit-taking. A close above 1.2650 next to a previous candle’s long upper shadow would ease some pressure and 1.2730 on the 30-day SMA may see dynamic resistance. A drop below 1.2550 would renew the selling.

XAUUSD recoups losses

Gold jumped after soft US job openings sent the dollar index lower. A close above the former daily support of 1920 has prompted some sellers to cover their positions, foreshadowing a potential bounce in the making. A brief slide has found support at the base of the bullish momentum at 1904 and a higher high indicated mounting pressure. 1945 is the next threshold and its breach could lead to a sustained recovery to the recent peak of 1980. 1915 is the first support in case of a fall back as the RSI goes overbought again.

GER 40 breaks higher

The Dax 40 climbs as investors bet on a slowdown of the US labour market. The latest pullback saw renewed buying pressure at 15570 which sits right over the critical daily support of 15470, suggesting that the index has stabilised on its corrective path. A close back above the previous spike of 15900 next to the 30-day SMA would help the bulls regain control and open the door to an extended rebound. 16050 at the tip of a limited swing high is the next resistance. On the downside, 15800 is a fresh support for the bulls to regroup.

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