Forex Trading Library

Intraday Analysis – AUD Begins Fightback

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AUDUSD keeps the high ground

The strength of the US dollar has taken a breather as price action has been lifted. The pair has recouped some losses from this year’s sell-off after bouncing off 0.6540, which coincides with the 20-day moving average. This is a sign that the directional bias could remain upward. Momentum buyers could double down if the Aussie closes above 0.66. As the RSI retraces into neutral territory, 0.6655 is a fresh level to expect follow-up bids.

NZDUSD breaks lower


The New Zealand dollar inched lower as risk appetite remained subdued across the board. On the chart, a bearish MA cross following a brief consolidation suggests that the rally could have picked up speed again. As prices fall towards the 0.60 level, a break here could open up November’s lows at 0.58. A break above the recent high of 0.6130 could trigger a runaway rally above 0.62. 0.6080 is the immediate support for the kiwi to build a stronger base.

US 30 tests resistance

The Dow Jones hit another high driven by positive earnings season data. The index broke the 38000 level for the first time as it cleared the previous resistance at 37800. The hourly chart provides a wide swing range as bulls and bears wrestle for control. 38000 is fresh support, and renewed buying interest would pave the way to 38170 where selling pressure could reappear and a possible correction in the near-term.

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