FOREX NEWS

HOMEFOREX NEWS


Intraday Market Analysis – USD Consolidates Gains.

USDJPY seeks support

                                                        USDJPY

The Japanese yen inched higher after a rise in December’s Tokyo CPI. The US dollar’s break above the daily resistance at 115.50 has attracted momentum buyers, popping up volatility in the process.

A bullish MA cross on the daily chart indicates an acceleration of the rally. The RSI has shot into the overbought territory and prompted intraday buyers to take profit.

115.20 from the previous supply zone has turned into a fresh support. A close above 116.20 may propel the dollar to 117.00.

EURAUD attempts a reversal

                                                        EURAUD

The Australian dollar plunged as risk assets continued to struggle after the Fed minutes.

The euro met buying interest on the daily support at 1.5560. A surge above the recent high at 1.5720 suggests that the bulls might have regained control of the price action.

1.5880 is a key hurdle on the daily chart and its breach could raise offers above the psychological level of 1.6000. An overbought RSI caused a limited pullback towards 1.5650 and may offer an opportunity for late buyers to catch up.

US 100 tests critical floor

                                                        US100

The Nasdaq 100 steadies ahead of the December US jobs report. The rebound in late December met stiff selling pressure near the all-time high (16770). Then a drop below 16320 triggered a sharp sell-off as buyers bailed out.

The current liquidation is testing the double bottom (15530) from the daily chart.

Sentiment is yet to stabilize and a break below this critical demand zone could initiate a correction towards the psychological price tag of 15000. Buyers need to reclaim 16000 before they could hope for a rebound.

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
Trustpilot

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.