The US dollar consolidates as concerns grow about the resurgence of the pandemic.
The pair has found support at 0.9125, which lies on the 30-day moving average. The greenback is now at a crossroads after its sell-off in the daily supply area. A successful rebound could resume the reversal in the medium term.
However, a bearish breakout could extend the price towards the psychological level of 0.9000.
The RSI has recovered into the neutral area. 0.9260 would be the key resistance ahead if the buying gains strength.
EURAUDseeks support after surge
The risk-sensitive Australian dollar weakens amid a cautious mood. The euro’s rally has gained impetus after it cleared the critical resistance at 1.5940 on the daily timeframe.
Sentiment favors the upside and the latest pullback could be a reaction to the RSI’s overbought situation.
The single currency is looking for support above 1.5800. A rebound above the intermediate resistance at 1.5900 would confirm that buyers are in control and may attract followers.
Then a bullish breakout above 1.5980 may extend the rally.
SPX 500 resumes uptrend
The S&P 500 climbs higher as investors bet on a protracted ultra-loose monetary policy.
The latest correction saw strong buying interest at 4290. The rebound was as swift as the pullback, an indication of lasting bullish fever. After lifting offers around 4250, the index has turned the former supply zone into a support.
The bullish MA cross is another giveaway of the trend continuation. 4420 would be the next target. An overheated RSI may temper the enthusiasm and a retracement is likely to meet the bulls.
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 :
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.
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.