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Intraday Market Analysis – S&P 500 Sees Bids on Trendline.

SPX 500 rebounds from daily trendline

                                                        spx500

The S&P 500 reverses sharp decline as investors digest soaring consumer prices.

On the daily timeframe, the index saw strong buying interest on the rising trendline (4040) from March 2020. In conjunction with the RSI’s double-dip in the oversold territory, traders were eager to pick up bargains. The sharp correction may end as swiftly as it started if buyers succeed in pushing above 4150.

That would confirm the bullish MA cross off the major support. From there the price could rally back to the previous peak at 4144.

NZDUSD bounces off support

                                                        nzdusd

The risk-sensitive New Zealand dollar swings up as the ‘risk-off mood recedes. The pair has found support along with the 30-day moving average, above the demand zone around 0.7120.

An oversold RSI could have led the sell-side to take profit at the support, turning the price around in the process. However, the kiwi faces multiple technical headwinds.

The bulls will need to close above 0.7240 to regain the upper hand. Then 0.7305 is another key resistance. 0.7045 is the second support in case of a bearish breakout.

XAUUSD finds Fibonacci support

                                                        xauusd

Gold struggles to hold on to its gains after the US dollar’s latest surge. The price action has met strong selling pressure at 1845, resistance from last February’s sell-off.

It would be too soon to call a reversal, however, as the underlying momentum remains bullish. The precious metal has bounced back from the 38.2% Fibonacci level (1811) with the RSI skimming over the oversold area.

The psychological level of 1800 sits at the 50% retracement level. A breakout above 1845 may extend the rally towards 1870.

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.

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