Forex Trading Library

Intraday Analysis – USD Heads Higher

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USDJPY overbought but keeps pushing

The Yen pair moves in favour of the greenback after weak economic data coming out of Japan. On the daily chart, prices have moved past the previous resistance of 147.00 as bulls strive to keep a positive outlook in the near term. Prices have recently stabilised above 147.80. Still, bulls must clear the faded peak at 148.15 before regaining November’s swing high at 152.00. Otherwise, dropping below 147.25 could make the dollar walk on thin ice below 146.50.

EURGBP triple bottom lifts prices

Sterling fell back over a static unemployment rate and continuous inflation worries. A firm triple bottom support at 0.8550 has put bears on the defensive. The pair is resting on 0.8565 as a bearish trend still ensues. Sentiment has grown cautious, and the sideways action could end soon in a breakout. A hold above this critical floor would challenge 0.8590 where a breakout could help the pair recover to 0.8625. Failing that, a bearish turn would trigger a new round of sell-off and send the pair below the recent support.

GER 40 maintains bearish stance

The Dax recouped losses as investors saw a bargain hunting opportunity. A bullish flag pattern has developed on the daily chart, with traders eyeing a break above 16800. A break below 16300 and then the psychological level of 16000 could see a shift in momentum, with a downturn likely. A close above 16700 would resume the uptrend. 16600 is a fresh support that will continue to gauge buyers’ interest if held.

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