13 Jul

Intraday Market Analysis – USD Treads Water

July 13, 2021

By Orbex

USDCHF tests key support

USDCHF

The US dollar consolidates as concerns grow about the resurgence of the pandemic.

The pair has found support at 0.9125, which lies on the 30-day moving average. The greenback is now at a crossroads after its sell-off in the daily supply area. A successful rebound could resume the reversal in the medium term.

However, a bearish breakout could extend the price towards the psychological level of 0.9000.

The RSI has recovered into the neutral area. 0.9260 would be the key resistance ahead if the buying gains strength.

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EURAUD seeks support after surge

EURAUD

The risk-sensitive Australian dollar weakens amid a cautious mood. The euro’s rally has gained impetus after it cleared the critical resistance at 1.5940 on the daily timeframe.

Sentiment favors the upside and the latest pullback could be a reaction to the RSI’s overbought situation.

The single currency is looking for support above 1.5800. A rebound above the intermediate resistance at 1.5900 would confirm that buyers are in control and may attract followers.

Then a bullish breakout above 1.5980 may extend the rally.

SPX 500 resumes uptrend

SPX500

The S&P 500 climbs higher as investors bet on a protracted ultra-loose monetary policy.

The latest correction saw strong buying interest at 4290. The rebound was as swift as the pullback, an indication of lasting bullish fever. After lifting offers around 4250, the index has turned the former supply zone into a support.

The bullish MA cross is another giveaway of the trend continuation. 4420 would be the next target. An overheated RSI may temper the enthusiasm and a retracement is likely to meet the bulls.

By Orbex


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