Intraday Analysis – USD Eclipses Rivals, The S&P 500 Hits Another Record
Daily analysis 13.02.2024 : GBPUSD, NZDUSD, SPX 500
The S&P 500 remains in the spotlight after consecutive record highs. The rally has gained traction on the daily chart after a break above the 5000 for the first time. But the mood has turned south in the short-term after the Dow Jones has seen a slight pullback, causing traders to fear the same for the S&P. With a bearish divergence followed by a standard divergence on the RSI, a correction could be next. 5000 will be a key support, followed by 4860 should a downturn progress.
The pound remains buoyant as traders prepare for an upturn in CPI and UK employment data. After coming off multi month highs towards 1.2800, the pair is staging a bounce from the psychological level of 1.2500. The recovery theme remains intact from a short-term perspective. However, the recent price action could be choppy as the cable strives to gain a secure footing above 1.2600. 1.2660 at the tip of a previously faded rebound is a key hurdle, and its breach would bring the pair back to its recent peak near 1.2740.
The New Zealand dollar hits another sharp resistance as sentiment continues to wane. The pair hoped to hold on to gains after recovering to 0.6160. The recent swing low of around 0.6050 is a significant demand zone to keep the bullish bias valid. A bearish RSI divergence indicates that the choppy trend will continue. Strong offers near 0.6120 see a possible upturn in fortunes for the Kiwi, as a break at the previous triple top would open the door to 0.62 and 0.6280.
Test your forex trading strategy with Orbex