Forex Trading Library

Intraday Analysis USD Testing Supply Zone

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AUDUSD stuck in consolidation

The Australian dollar continues its sideways trend as traders remain hopeful of a cut in the Feds rate. A tentative bounce off the 0.65 handle fuelled bulls enthusiasm and could lay the foundation for an extensionto 0.6620. In the short term, the RSIis moving into bearish divergence territory, which could indicate a slowdown in momentum. 0.6565is the first support and 0.6590at the base of a potentialbreakout and on the 20-day moving average is a key level in case of a deeper correction.

EURGBP continues to slide

The pound edgedhigher as traders expect the bearish trend to continue. After dropping over 200 pips so far this month, support could be found at the 0.85 level. Regarding intraday levels, the latest slide stopped at the former support of 0.8520. But a drop below this and the sell off could continue to Augusts lows below 0.84. Any signs of a turnaround need a move past 0.8545 and then 0.8590 to test the previous swing high.

GER 40 breaks above channel

The Dax 40 turns bullishas investors eye the Fed and ECB decisions. The index finally broke through the descending channel to move past the 16750 resistance level on the chart. The RSIs overbought nature saw a bearish divergence being ignored as price action now tests the 17000 handle.A close above this levelwould signal renewed strength, and momentum buying could drive bids towards 17600. Otherwise, 16950 is a fresh support, along with the recent swing low of 16800as a second layer of defence.

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