Forex Trading Library

Intraday Analysis – AUD Moves into Overbought Territory!

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AUDUSD breaks resistance
Chart Displays AUDUSD's rise past resistance, highlighting key support and resistance levels in the AUD forecast.

The Australian dollar inched higher after breaking through the psychological 0.6700 barrier. Price action looks to push higher with a spike at 0.6730, with hopes to keep the bullish bias intact. According to the latest AUD forecast, The next target at 0.6800 is a vital resistance as its breach would prompt more sellers to take profit and ease the pressure. On the downside, 0.6620 is the immediate support to keep the rebound momentum flowing, and 0.6550 is a critical floor further down.

EURJPY hits another high
Chart Shows EURJPY's new high with overbought RSI, noting potential pullback and key support levels.

The yen continues to collapse against the Euro after the pair hits another fresh high. As the price hovers around 174.00, the daily RSI’s overbought situation could cause a pullback if buyers are reluctant to chase after high offers. Sentiment remains exceptionally upbeat, and bulls could keep the direction intact with a move above 174.50. Further down, the psychological level of 170.00 sits at the confluence of a previous swing low and the 20-day SMA, making it a significant support to monitor.

UK 100 begins recovery
Chart Depicts UK 100's recovery driven by election rumors, highlighting key resistance and support points.

The FTSE 100 was boosted with early rumours that a new government will be voted in today. Sentiment has flipped after the index touched another low at 8110. A bounce above the first resistance of 8180 prompted short-term sellers to cover, giving the buy side some respite. 8280 is a crucial hurdle to lift before the index can enjoy a broader recovery towards June’s peak of 8340. 8160 is a significant level to keep the rebound valid, or a deeper correction could send the index to 7800.

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