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Intraday Analysis – USD keeps high ground

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EURUSD breaks lower
EURUSD chart 3-10-23

The US dollar rallied after a stronger-than-expected manufacturing PMI last month. The pair has remained under pressure after it broke below March’s lows around 1.0520. A limited bounce to 1.0620 has failed to attract meaningful long stakes, which is a reminder that the bears are still lurking around and would look to sell into strength. A fall below the recent bottom of 1.0490 would trigger a new round of sell-off towards 1.0400 and potentially 1.0300. 1.0510 has turned into a fresh resistance as the RSI went oversold.

XAUUSD to test 6-month low

XAUUSD chart 3-10-23

Gold extended losses after Fed officials stressed on the need to keep monetary policy restrictive. A brief bounce saw stiff selling at 1879 with an upper wick indicating a rejection of higher bids. Then a swift U-turn means that the bears are still in firm control of the direction. The daily swing low of 1810 from last March is the next stop to see if the price would stabilise. Profit-taking in this important demand zone might drive the quote back higher. 1852 is the closest resistance and only a break above 1879 would improve sentiment.

GER 40 struggles to stabilise
DE40 chart 3-10-23

The Dax 40 slipped as PMIs across the euro zone remained in contractionary territory in September. After hitting bids in the demand zone of 15550, the index is trying to stay afloat above its next line of defence at the confluence of the psychological level of 15000 and the base of a breakout rally next to 15150. A bearish breakout would cause more liquidation and press bids down towards 14850. 15360 is the immediate hurdle and the newly formed resistance level of 15550 an area of congestion to clear to ease the pressure.Intraday Analysis –

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