Forex Trading Library

Intraday Analysis – USD tries to rebound

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GBPUSD drifts lower
GBPUSD-CHART-7-12-2023

The US clawed back some losses as traders repositioned ahead of the nonfarm payrolls. Cable came under pressure at last September’s high of 1.2720 and the drift south has since led more buyers to take profit, compounding the pullback. 1.2530 over the 20-day SMA is an important level to see if the bulls manage to maintain the upward bias in the near-term, otherwise, Sterling could see a deeper correction to 1.2380. The spike of the last bounce attempt at 1.2650 is the obstacle to clear before the rally could resume.

CADJPY finds support
CADJPY-CHART-7-12-2023

The Canadian dollar softened after the BoC reckoned that labour market pressures had eased. On the daily chart, the pair is still in a lengthy consolidation after lifting the triple top near the psychological level of 110.00. Sentiment would remain upbeat as long as the loonie stays above the triple-tested demand zone next to 107.40. A close above 108.80 would ease the downward pressure and 109.60 could be the bears’ last stronghold and its breach may trigger a runaway rally towards the previous peak of 111.00.

NAS 100 holds onto gains
NAS-100-CHART-7-12-2023

The Nasdaq 100 hits resistance as investors await catalysts from US labour data on Friday. The index is striving to hold onto its gains above last summer’s peak of 15900. A retreat below that level has forced some leveraged long positions out, denting the all-out bullish mood in the short-term. The demand area 15700-15800 near the 20-day SMA saw some renewed buying interests and the bulls will need to clear 16010 before they could push higher. Otherwise, a U-turn would send the price action to the 15500 range.

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