Forex Trading Library

Intraday Analysis – Pound Remains Undecided

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NZDUSD seeks support
NZDUSD Chart: The Kiwi aiming to maintain gains above 0.6000.

The Kiwi moved higher as the US dollar remained under pressure. The pair wants to hold on to its gains after a tentative break above the psychological level of 0.6000. While sentiment might have turned bullish, the rally could run out of steam with a bearish RSI divergence, indicating a loss of momentum. A break below the immediate support 0.5980 would force leveraged buyers to bail out and trigger a correction. 0.6050 is the next level for buyers to remain interested.

GBPUSD ignores BoE decision
GBPUSD Chart: Fluctuating movements after BoE rate cut signals.

Cable fluctuated after the BoE signalled that rate cuts could come as soon as June. From the chart’s perspective, the bias remains bullish as the pair aims to close above 1.2500. A drop below 1.2450 could lead intraday buyers to bail out, but a limited retreat could allow bulls to buy low. 1.2400 along the 20-day SMA is a critical floor to keep the current momentum intact. 1.2600 is a fresh resistance, and a close above 1.2680 could resume the rally.

NAS 100 grinds higher
NAS 100 Chart: Continued upward trend amid earnings season.

The Nasdaq 100 continued the rally as earnings season keeps on giving. On the chart, the index continues to grind its way higher, indicating that the bullish bias is still intact despite some choppiness. Buyers have been eager to step in at pullbacks, resulting in fresh highs. After a break above 18000, 17700 has become a support level. A close above the intermediate level 18300 would signal another move to a record high.

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