FOREX NEWS

HOMEFOREX NEWS

10-01-2022 | Fundamental & Technical Analysis

Intraday Market Analysis – USD Struggles For Support.

EURUSD tests key resistance

                                                        EURUSD

The US dollar retreated after December’s nonfarm payrolls came in far below expectations. The pair has been in a narrowing range between 1.1270 and 1.1365.

The previous fall below 1.1280 added pressure on the buy side, though it turned out to be an opportunity for the bulls to accumulate at a bargain.

A break above the resistance could end the sideways action and trigger a runaway rally towards 1.1460. The RSI surged into the overbought area and may cause a brief pullback above 1.1295.

USDCAD tests daily support

                                                        USDCAD

The loonie rallied after Canada added twice as many jobs as expected in December. The year-end sell-off met strong bids near the daily support at 1.2620.

But the rebound came to halt at the supply zone around 1.2810, which used to be a support from the previous consolidation. The RSI’s double top in the overbought zone has restrained the upward momentum.

1.2730 is a fresh resistance as price action is about to retest the critical level at 1.2620. A bearish breakout could trigger a plunge to 1.2540.

GER 40 seeks support

                                                        GER 40

The Dax 40 edged lower as rising CPI in the eurozone argues in favor of tightening. The index saw stiff selling pressure right under the all-time high at 16300.

A bearish RSI divergence in this major supply area indicates a lack of commitment from the bulls as buying slows down. A combination of profit-taking and fresh selling has led to a drop below 16100, a warning sign for a steeper correction.

15800 is the next key support. A breakout could send the index to 15500 at the base of the latest rally.

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.

© 2022 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.