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Forex news -forex broker review => Forex => Topic started by: PocketOption on Feb 15, 2023, 11:43 am

Title: Intraday Analysis – USD tries to recover
Post by: PocketOption on Feb 15, 2023, 11:43 am
Intraday Analysis - USD tries to recover

Intraday Analysis

EURUSD struggles to bounce back


Chart of EURUSD


The US dollar jumped after January's inflation did not slow down as fast as expected. The pair came to rest at the start of the breakout rally in early January (1.0660). The top of a previously faded rebound (1.0790) showed a spike with an upper shadow indicating rejection of the upside. The former demand zone around 1.0830 is the hurdle ahead and only a close above 1.0940 would reignite hopes of a bullish continuation. Otherwise, a drop below 1.0660 would bring back the selling pressure and drive the euro towards 1.0500.


XAUUSD continues lower


Chart of XAUUSD


Gold inched lower as US Treasury yields rose amid expectations of tighter monetary policy by the Fed. The metal has been struggling to find a floor after its price made a U-turn from its 9-month high at 1960. 1850 from a previous bullish breakout at the start of the year has failed to stop the bleeding. A bullish RSI divergence shows a slowdown in the downward momentum but there is no confirmation yet of a turnaround, which would be a rise above 1890. In the meantime, 1825 is likely to be the next stop.


UK 100 consolidates gains


Chart of UK100


Equities tread water as stubborn inflation tempers the hope that the Fed could pause rate hikes. Still, the FTSE 100 remains on an upward trajectory after bouncing off the 20-day SMA on the daily chart. This is a strong sign that the uptrend has resumed in the medium-term. But the short-term price action could struggle with the hourly RSI showing signs of overextension as the index reaches the round number 8000. A pullback would allow the bulls to catch their breath and 7900 will be the first level to be tested.


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