Forex Trading Library

Intraday Analysis – USD Rises, Dow Momentum Holds

Daily analysis 08.02.2024 : USDJPY, EURGBP, US 30

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US 30 not slowing down
Dow Jones (US 30) Analysis: Bullish sentiment holds with resistance at 38400

The Dow Jones maintains its upward momentum, defying any signs of slowdown. The recent 500-point surge encountered robust buying activity above the daily resistance level of 38400. Despite a bearish divergence observed on the RSI, traders anticipate another record high, underlining the importance of our Dow analysis. Notably, the pivotal support at 38500 may prevent a decline towards the critical floor of 38000

USDJPY grinds descending channel
Intraday analysis showing USDJPY's descending channel and resistance at 148.00.

The US dollar extended gains on the NFP momentum, but the pair already looks exhausted. The 148.00 level on the 20-day SMA has been acting as tough resistance. Should prices fall back into the recent channel, bearish sentiment has begun. A tentative break below 147.60 exposes the downside risk and potentially the daily support of 146.00. With an undecided RSI, this could limit the range of the initial fall for now. A hold at 147.90 could be the catalyst for some consolidation with a move back towards 148.45.

EURGBP seeks support
Analysis indicates EURGBP's attempt to bounce at 0.8500 level after negative retail sales

The euro stalled after the bloc’s retail sales fell back into negative territory. On the chart, the pair is making another attempt to bounce at the psychological level of 0.8500. A break above last month’s low of 0.8515 combined with a bearish MA cross reinforced the downward bias. Though a correction cannot be ruled out, a slight uptick in prices recently saw a test above 0.8570. 0.8540 is the first demand zone should this happen.

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