Started by PocketOption, Oct 11, 2022, 01:45 pm
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The US dollar keeps advancing thanks to the Fed policy momentum. The latest rally came to a halt at the parity level, a sign that the bears were eager to sell into strength. A fall below 0.9790 further weighs on the mood as buyers rush to the exit. 0.9650 is the next support as the RSI inches into the oversold area. The bulls will need to clear the fresh supply zone around 0.9790 before a rebound could materialise. Otherwise, its breach would indicate a lack of interest in the single currency and put 0.9540 at risk.
The pound slips after a loss of confidence in Britain's government. The euro is still consolidating following a spike above 0.9200. A bounce off 0.8660 at the base of a rally in mid-September suggests a return of buyers after massive profit-taking. 0.8830 is a key hurdle ahead and the sideways action foreshadows an imminent breakout. Its breach could improve short-term sentiment. Then a break above 0.8970 may resume the uptrend in the weeks to come. A bearish breakout however, would deepen the correction towards 0.8500.
The Dax 40 struggles as tensions escalate in e. The index has met stiff selling pressure in the former demand zone (12690) from the daily chart, which also coincides with the 30-day moving average. A combination of profit-taking and fresh selling has triggered a liquidation of short-term long positions. 12100 at the origin of the previous bullish breakout is an important support. Only a rally back above 12500 may turn the situation around or the index could be vulnerable to a new round of sell-off below 11800.
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