Started by PocketOption, Nov 23, 2022, 05:27 am
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The US dollar bounces back as Treasury yields recover from the previous sell-off. The greenback has found some respite at a 3-month low next to 0.9380. A bullish RSI divergence in this demand zone suggests a slowdown in the sell-off momentum. While the overextension has attracted traders to buy the dip, it may still be too soon to call the bottom. 0.9650 is the first resistance ahead and its breach could prompt sellers to cover. 0.9840 is an important hurdle to clear before the pair could recover in a sustainable fashion.
The pound edged higher after better-than-expected retail sales in October. The pair is still trying to hold onto its gains after closing above the daily resistance at 0.8770. The sideways action is a sign of hesitation in the short-term and a breakout may release the energy accumulated so far. 0.8650 is an important level to keep the single currency afloat. A bearish breakout would invalidate the bounce and send the pair below 0.8570. On the upside, a rally above 0.8770 could lead to an extension above 0.8830.
The Dax 40 steadies as investors await minutes from the ECB’s latest policy meeting. Following a brief consolidation, a higher high above 14400 shows renewed buying pressure. The index is on its way to June's peak of 14700, where a bullish breakout would put medium-term bears out of action, and possibly pave the way for a reversal by the year's end. As the RSI ventures into the overbought area, a pullback is likely to be seen as an opportunity to stake in. 14300 would be the first support to expect bids from trend followers.
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