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Intraday Market Analysis: USD Pulls Back.

USDJPY breaks support

                                                        

The Japanese yen recouped some losses after November’s Tokyo CPI rose to 0.5%. A bearish RSI divergence signaled a slowdown in the upward momentum.

A break below 114.90 confirmed weakness in the rally and prompted buyers to close their bets. As the RSI dips into the oversold territory, 114.50 is the immediate support where buying interest could be expected.

Further down, 113.70 would be the second line of defense. A bounce-back above 115.50 would keep the uptrend intact.

XAGUSD tests major support

                                                        xagusd        

Silver remains under pressure as the dollar index nears a 16-month high. Price action is hovering above the key floor at 23.00 which is also a daily support after November’s breakout above 24.80.

This is a test of buyers’ commitment to keeping the rebound relevant. An oversold RSI may attract bargain hunters in this congestion area.

The bulls will need to reclaim 24.30 before they could expect the bounce to gain traction. A bearish breakout would dent the optimism and extend losses towards 22.00.

US 30 fails to rebound

                                                        US30

The Dow Jones 30 fell sharply amid fears of a new Covid variant. On the daily chart, a fall below the 30-day moving average suggests increasing pressure on the downside. The index has struggled to stay above the support at 35500, previously a resistance from last September’s high, a sign that short-term selling interest has prevailed. The sell-off is heading towards the demand zone around the psychological level of 35000 and 35100. Its breach could trigger an extended drop to 34400. 35960 is now a key resistance ahead.

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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