Our intraday forex analysis covers AUDUSD, NZDUSD drop, and US 30, focusing on key support and resistance levels and potential market direction.
AUDUSD spikes higher
The Australian dollar maintained its rally amid the Middle Eastern conflict, which continues to weigh heavily on the greenback.
- 0.7200 is the next target for buyers with a test at 0.7180 in sight.
- The rally has created a bearish divergence on the RSI, which could signal a slowdown.
- A bearish reversal could extend towards the recent bottom at 0.7000 if bears re-enter the market.
NZDUSD drops at double top
Much like the Aussie, the Kiwi has seen gains confirmed with a 100 pip move higher in recent sessions. A close above the recent consolidation zone around 0.5900 has forced sellers to cover their positions, turning the short-term mood around.
- A temporary retracement could allow bulls to compose themselves as 0.5940 is the next target.
- On the downside, 0.5800 is the next support as the price hangs on.
- 0.5700 at the base of this month’s low is a critical floor.
US 30 looking for direction
The Dow remains bullish as traders cautiously wait for the next move in the ongoing conflict. As a sideways consolidation ensues, a possible sell-off will awaken the bears.
- A drop back down to 46800 is on the radar, but needs a 48000 break first.
- The current pullback could be ignored with a break above 48750, leading to more fresh highs in the medium term.
Trading the forex market requires extensive research, and that’s what we do best
