Started by PocketOption, Nov 09, 2022, 06:13 am
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The New Zealand dollar inches higher over rising inflation expectations. The latest pullback has found solid support over 0.5740, near the base of a bullish breakout. A higher high above 0.5900 indicates that the bulls have retained control of the direction. A bullish MA cross on the daily chart foreshadows an acceleration to the upside. The psychological level of 0.6000 is a key hurdle ahead. Its breach could trigger an extended rally towards 0.6160. 0.5820 is the first support in case the kiwi needs some breathing room.
The euro steadies as a survey showed that investor morale in the euro zone improved. A sharp rise is a sign of short-covering and a close above the supply zone around 0.8760 may have eased the pressure on the single currency. This might offer the bulls hopes that the uptrend is still intact in the medium-term. The RSI's double top in the overbought area caused a pullback as intraday buyers took profit. 0.8650 is an important level to expect follow-up interests. A rally back above 0.8780 would confirm a bullish continuation.
The Dow Jones 30 rallies as Republicans are favoured to win the midterm elections. The index slowed down near 33000, at the start of a sell-off in late August. Profit-taking was not enough to drive the price south, which suggests robust pressure from the buy side. A close above 33000 would shake out remaining selling interests and pave the way for a rally to August's peak at 34200, which is the boundary between a bear and a bull market. In the meantime, an overbought RSI may limit the upside with 32400 as the closest support.
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