Forex Trading Library

Intraday Analysis – USD Boosted by NFP

0 21

USDJPY tests resistance
USDJPY Chart: The USDJPY pair tests resistance following the NFP impact, with potential targets and support levels highlighted.

The greenback clawed back losses after NFP figures beat expectations. The price jumped over 100 pips and cleared the central supply area at 156.00. 156.70 over the 20-day SMA has seen buying interests propelling the greenback towards the psychological level of 157.00. A close above the last swing high of 157.60 is needed to force the remaining sellers out and trigger an extended rally. Failing that, a drop below 155.60 would expose the recent bottom at 154.60, the bulls’ second line of defence.

NZDUSD attempts to bounce
NZDUSD Chart: The NZDUSD pair shows bearish RSI with key support and resistance levels noted.

The US dollar progressed, and the Kiwi was another victim of progressive economic data. The chart shows a fall below the demand zone of 0.6150 and a bearish RSI, which indicates a cautious mood. A drop to 0.6140 has met stiff selling pressure, and a bullish breakout would need a swift turnaround, with 0.6200 being the first hurdle. The latest low of 0.6125 is an immediate support, and its breach would cause a new round of sell-off.

SPX 500 searching for another record
SPX 500 Chart: The SPX 500 index searches for another record, with support and resistance zones marked.

The S&P dropped away from its recent high after its continuous winning streak. The sentiment is still overwhelmingly upbeat as the index grinds past another hurdle at 5300. A bullish breakout would trigger a new round of rally to 5450. However, a bearish RSI divergence indicates a loss of momentum in the rally and could foreshadow a retracement most likely to be driven by profit-taking. A break below the closest support of 5200 would be a confirmation, and the price would be sent to the next support at 4950.

Test your trading strategy on forex and stocks with Orbex

Leave A Reply

Your email address will not be published.