FOREX NEWS

HOMEFOREX NEWS

12-01-2022|Fundamental & Technical Analysis

Intraday Market Analysis – USD Under Pressure.

GBPUSD rally gains traction

                                                        GBPUSD

The US dollar fell after the Fed Chair’s remark that no decision has been made on quantitative tightening. The pair showed some weakness near the daily resistance at 1.3600.

The RSI’s double top in the overbought area led some buyers to take chips off the table. However, a follow-up close above the resistance indicates that the bulls are still in control of the direction.

Sentiment remains upbeat and 1.3700 from the start of the November sell-off would be the next target. 1.3570 is a fresh support in case of a pullback.

NZDUSD bounces off major support

                                                        NZDUSD

The New Zealand dollar recovers as risk appetite returns following Jerome Powell’s testimony.

The previous rebound towards 0.6830 met strong selling pressure. Its failure to achieve a new high suggests that the bearish bias lingers. The drop below 0.6740 further weighs on the kiwi. A bounce could still be an opportunity to sell into strength.

The bulls need to clear 0.6835 in order to turn the tide, and 0.6730 is a fresh support. A bearish breakout may test the base of December’s bounce at 0.6700.

EURJPY maintains uptrend

                                                        EURJPY

The euro recoups losses as traders dump safe-haven currencies. The fall below 130.80 has shaken out some weak hands.

Nonetheless, the upward bias remains intact after the single currency saw solid demand over the psychological level of 130.00. The RSI’s oversold situation compounded the attractiveness of the discount.

A rise above 131.60 would bring in momentum traders and clear the path for an extended rally to 132.55 near last October’s peak. 129.10 is the second line of defence in case of a deeper retracement.

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.