forex.pm forex forum binary options trade - Forex - Intraday Market Analysis – USD Consolidates Gains
  • Welcome to forex.pm forex forum binary options trade. Please login or sign up.
 

Intraday Market Analysis – USD Consolidates Gains

Started by PocketOption, Mar 09, 2022, 11:10 am

Previous topic - Next topic

0 Members and 1 Guest are viewing this topic.

PocketOption

Intraday Market Analysis - USD Consolidates Gains

USD

USDJPY breaks higher


USDJPY


The Japanese yen softened after weaker-than-expected GDP in Q4. Despite choppiness in recent price action, confidence in the greenback remains high.


A failed attempt at the supply zone (115.80) suggests a lack of momentum, but a swift bounce off 114.65 reveals strong enough buying interest.


A bullish breakout would lead to the double top at 116.35. Its breach could end the two-month-long consolidation and trigger an extended rally towards January 2017's highs around 118.00. 115.40 is fresh support.


AUDUSD seeks support


AUDUSD


The Australian dollar stalls as commodity prices consolidate. The rally above 0.7310, a major supply area, has weakened selling pressure and put the pair on a bullish reversal course.


The Aussie’s parabolic ascent and an overbought RSI prompted short-term buyers to take profit. As the RSI swings back into the oversold zone, the bulls may see the current fallback as an opportunity to stake in.


0.7380 is a fresh resistance and 0.7250 is the immediate support. Further below 0.7170 is a critical level to keep the rebound valid.


UK 100 sees limited bounce


UK 100


The FTSE 100 struggles as the UK plans to ban n energy imports.


On the daily chart, a break below the demand zone (6850) wiped out 11-months worth of gains and signaled a strong bearish bias. The RSI's oversold situation may cause a temporary rebound, but a bearish MA cross could attract more selling interest.


The liquidation is yet to end as medium-term buyers scramble for the exit. 7200 is a fresh resistance and 7450 is a major supply zone. A drop below 6800 may lead to 6500.


Test your strategy on how the USD will fare with Orbex - Open Your Account Now. 


The post Intraday Market Analysis – USD Consolidates Gains appeared first on Orbex Forex Trading Blog.


Source: Intraday Market Analysis - USD Consolidates Gains