Intraday Market Analysis – USD Consolidates Gains.
USDJPY breaks higher
The Japanese yen softened after weaker-than-expected GDP in Q4. Despite choppiness in recent price action, confidence in the greenback remains high.
A failed attempt at the supply zone (115.80) suggests a lack of momentum, but a swift bounce off 114.65 reveals strong enough buying interest.
A bullish breakout would lead to the double top at 116.35. Its breach could end the two-month-long consolidation and trigger an extended rally towards January 2017’s highs around 118.00. 115.40 is fresh support.
AUDUSD seeks support
The Australian dollar stalls as commodity prices consolidate. The rally above 0.7310, a major supply area, has weakened selling pressure and put the pair on a bullish reversal course.
The Aussie’s parabolic ascent and an overbought RSI prompted short-term buyers to take profit. As the RSI swings back into the oversold zone, the bulls may see the current fallback as an opportunity to stake in.
0.7380 is a fresh resistance and 0.7250 is the immediate support. Further below 0.7170 is a critical level to keep the rebound valid.
UK 100 sees limited bounce
The FTSE 100 struggles as the UK plans to ban Russian energy imports.
On the daily chart, a break below the demand zone (6850) wiped out 11-months worth of gains and signaled a strong bearish bias. The RSI’s oversold situation may cause a temporary rebound, but a bearish MA cross could attract more selling interest.
The liquidation is yet to end as medium-term buyers scramble for the exit. 7200 is a fresh resistance and 7450 is a major supply zone. A drop below 6800 may lead to 6500.
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.
Fbgoyj 20-03-2023 | 06:00 PM
order ventolin inhalator online buy levoxyl amoxiclav buy online
Wlrspk 18-03-2023 | 06:00 PM
ivermectin 8 mg deltasone 40mg tablet buy deltasone generic
Wkynol 18-03-2023 | 06:00 PM
ondansetron 4mg us zofran 8mg generic bactrim 960mg canada
Gtejcq 16-03-2023 | 06:00 PM
order isotretinoin 20mg online cheap buy prednisone 20mg for sale buy ampicillin 500mg online
Qpbldb 16-03-2023 | 06:00 PM
generic sildenafil 100mg pregabalin price proscar over the counter
Ukaefo 14-03-2023 | 06:00 PM
buy clomid pill clomid 100mg without prescription order prednisolone 40mg generic
Iidkke 14-03-2023 | 06:00 PM
order deltasone 10mg generic isotretinoin cost order amoxicillin 250mg for sale