FOREX NEWS

HOMEFOREX NEWS

11-03-2022|Fundamental & Technical Analysis

Intraday Market Analysis – Commodity Currencies Find Support.

NZDUSD consolidates gains

                                                        NZDUSD

The New Zealand dollar inched higher supported by roaring commodity prices. A break above the daily resistance at 0.6890 has put the kiwi back on track in the medium term.

A bullish MA cross on the daily chart suggests an acceleration to the upside. As sentiment improves, the bulls may see the current consolidation as an opportunity to accumulate.

A close above 0.6920 would extend the rally to 0.7050. 0.6800 is the first support and 0.6730 over the 30-day moving average a key demand zone.

XAGUSD seeks support

                                                        XAGUSD

Silver consolidates amid ongoing geopolitical instability. A bearish RSI divergence suggests a deceleration in the rally.

A tentative break below 25.40 has prompted some buyers to take profit. While sentiment remains optimistic, a correction might be necessary for the bulls to take a breather.

The psychological level of 25.00 is a major demand zone. Its breach could send the precious metal to 24.30 which sits on the 30-day moving average. A rally above 26.90 could propel the price to last May’s highs around 28.50.

US 30 struggles for buyers

                                                        US 30

The Dow Jones 30 turned south after talks between Russia and Ukraine stalled again. A rebound above 34000 has provided some relief.

Nonetheless, enthusiasm could be short-lived after the index gave up all recent gains. The prospect of a bear market looms if this turns out to be a dead cat bounce. A fall below 32300 could trigger another round of liquidation and push the Dow to a 12-month low at 30800.

On the upside, 33500 is the first resistance. The bulls will need to lift offers around 34100 before they could attract more followers.

This information has been prepared by Orbex, a trading name of Orbex Group Limited. DrForexOfficial, will not accept liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

Join Orbex and for all the support you need from an award-winning Forex Broker - https://bit.ly/2PsTjKM. Click here to join our telegram channel (t.me/DrForexOfficial1) and stay updated with the latest headlines.

Leave a Comment :


Cancel
  • We introduce people to the world of currency trading, and provide educational content to help them learn how to become profitable traders. We're also a community of traders that support each other on our daily trading journey.

Other Links

Learn Forex Trading

Corporate Address

  • 8210 Desoto Dr, West Chester, OH - 45069, USA
  • (513) 968-7209
  • support@drforexofficial.com
Trustpilot

Trading CFDs on leverage involves significant risk of loss to your capital.

Any opinions, chats, messages, news, research, analyses, prices, or other information contained on this Website are provided as general market information for educational and entertainment purposes only, and do not constitute investment advice. The Website should not be relied upon as a substitute for extensive independent market research before making your actual trading decisions. Opinions, market data, recommendations or any other content is subject to change at any time without notice. DrForexOfficial, will not accept liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

The information on this site and the products and services offered are not intended for distribution to any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation. Read our full legal disclaimer.

© 2020-2024 All Right Reserved. DrForexOfficial

We will provide you latest market updates and analysis, for that you can JOIN OUR TELEGRAM CHANNEL and get daily profit and more facilities. If you want to JOIN TELEGRAM CHANNEL, click here to join.