Forex Trading Library

Intraday Analysis – Dollar Fights Back

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EURUSD breaks 1.09

The Euro struggles to maintain its dominance over the dollar as the Fed nears the end of its tightening. The pair broke the 1.09 level as a bearish RSI divergence suggests a deceleration in the momentum. Support could be met here as a double bottom is created, with 1.0915 as the first target. The latest breakout against the 20-day moving average shows that more downside bias is likely, with 1.0850 waiting on the horizon.

XAGUSD grinds lower

Silver continues to fall as prices hover at the $23 handle. The price is testing the support-turned-resistance at 23.20 from December’s sharp sell-off. As a firm descending triangle develops, a bullish breakout would trigger a rally, opening the door to the psychological level of 24.00. In the meantime, after the RSI showed a double bottom in the oversold area, the metal could seek support again at 22.15.

NAS 100 looks for another test

The Nasdaq 100 rallied as improved sentiment showed a falling inflation outlook. The direction remains up as pullbacks have been met with enthusiasm so far since dropping back down to 16200. As the index looks for another push to fresh highs, resistance could be likely at 16900. Its breach could gather more interest and send the price above 17000. A break above that area could turn the mood around in the medium term. 16710 is the immediate support, with 16800 being a second line of defence.

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