Intraday Market Analysis – USD Rebound Gains Traction

0
80

USDJPY challenges core resistance

USDJPY_190721

The Japanese yen weakened after the BoJ cut growth forecasts due to pandemic slowdowns.

The dollar met buying interest at 109.70, an important demand zone in the daily time frame. A successful bounce would protect the rally in the medium term.

An oversold RSI urged the bulls to participate for a bargain when it recovers to the neutral area.

The support-turned-resistance at 110.50 is the first obstacle, its release could push the price to the psychological level of 111.00.

USDCHF bounces to daily supply area

USDCHF_190721

The U.S. dollar is picking up losses as June retail sales beat the consensus. The pair found support in the 30-day moving average (0.9120).

The bullish explosion above 0.9195 indicates that buyers may have turned the favor in their favor. The bullish MA cross also points to acceleration to the top.

0.9260 there is significant resistance going forward. Its break would restart the rally and open the way to the April peak at 0.9450. 0.9170 is the immediate support in case of withdrawal.

EURAUD accumulates to previous high

EURAUD_190721

The euro is rising as the eurozone CPI meets market expectations in June. The sentiment remains bullish after the price broke above the main resistance (1.5940) of the daily chart.

The latest correction could be a mere build-up to prepare the ground for the next round of rallies. The pair returned from the 50% (1.5790) Fibonacci retracement level. A bullish explosion above 1.5980 would trigger an unbridled build-up to 1.6100.

On the downside, 1.5870 is the first support that has allowed the RSI to cool.

Test your strategy on how the euro will fare with Orbex – Open your account now.

Source

LEAVE A REPLY

Please enter your comment!
Please enter your name here