Forex Trading Library

Intraday Analysis – USD stays under pressure

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AUDUSD probes support


The Australian dollar steadies as the labour market continues to show resilience. On the daily chart, the price has come under pressure in the former demand zone around 0.6540. A combination of profit-taking and fresh selling may weigh on short-term sentiment as the aussie tries to hold onto its recent gains. 0.6430 is the first support to hope for renewed buying interests and 0.6360 at the base of the breakout is a critical floor to keep the momentum intact. A close back above 0.6540 would open the door to 0.6660.

NZDUSD hits resistance


The New Zealand dollar consolidates gains on a higher producer price index in Q3. October’s high of 0.6050 seems to be a tough resistance to crack for now with an upper candle wick indicating a rejection of higher bids. A retreat below the psychological level of 0.6000 might trigger a pullback as previous momentum buyers bag their profits. The resistance-turned-support of 0.5940 is the first level to expect follow-through buying and 0.5870 at the base of the latest rally and on the 20-day SMA an important congestion area.

NAS 100 grinds daily resistance


The Nasdaq 100 inched higher as both retail sales and PPI stayed subdued last month. A tentative break above last summer’s high of 15900 might have put the index back on track from the medium-term perspective. In the near term though, the RSI’s repeatedly overbought condition may lead to a limited retracement, helping the bulls consolidate their gains before another round of rally. 15500 is the first support and 15060 next to the 20-day SMA the bulls’ second line of defence in case of deeper correction.

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