Forex Trading Library

Intraday Analysis – USD gains support

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EURUSD struggles for bids

Chart of EURUSD

The euro slips as consumers across the Euro zone lower their inflation expectations. On the daily chart, the pair is looking to hold onto July’s lows around 1.0840 as the euro’s recovery seems to have gained traction this year with a series of higher lows. A close above the immediate resistance of 1.1020 has eased the selling pressure but came to a halt at 1.1040. The bulls may need to consolidate their gains before they could push back once for all. 1.0910 is the closest support and its breach would trigger a retest of 1.0840.

USDJPY bounces back

Chart of USDJPY

The Japanese yen retreated as consumer spending continued to shrink in June. The greenback has met some buying interests at the resistance-turned-support of 141.50 after a brief retracement. 143.80 where the previous rally came under pressure is a major ceiling to lift. A breakout would force the remaining bears out and cause a runaway rally above the recent high of 145.00, paving the way for a bullish continuation in the weeks to come. On the flip side, a fall below 142.40 would expose the key level at 141.50.

USOIL claws back losses

Chart of USOIL

WTI crude recouped losses after the EIA painted a rosy picture of US GDP growth in 2023. A brief fall below 80.80 earlier this month has allowed some long positions to close in profit, shaking out weaker hands in the process. After the psychological level of 80.00 proved to be a solid support with the RSI’s double dip in the oversold zone attracting renewed bids, a fresh high near April’s peak of 83.40 is a sign that the bulls are still in control of the direction. A bullish breakout may trigger a broader rally to last November’s high of 93.00.

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