06 Sep

Intraday Market Analysis – GBP Extends Rally

September 6, 2021

By Orbex

GBPUSD rises to daily resistance

GBPUSD

The US dollar tumbled after a worse-than-expected jobs report.

The pound had held well above the former resistance level of 1.3780. The long side gained confidence while the short side gave up.

Sentiment will remain upbeat as long as the rising trendline is intact. A close above 1.3950 may propel the price to the psychological level of 1.4000, which lies within a supply area on the daily chart.

However, a repeatedly overbought RSI may trigger a pullback. 1.3820 would be the first support in that case.

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XAUUSD tests key hurdle

XAUUSD

Gold rose after lackluster nonfarm payrolls weighed on the US dollar. The precious metal has seen strong buying interest around the psychological level of 1800.

A bullish candle above 1832, the origin of the August sell-off would prompt sellers to reverse their bets, exacerbating the momentum in the process. Now that the major resistance withdrew, the bulls may have gained a free pass towards 1900.

As the RSI inches further into the overbought zone, 1811 is fresh support in case of a pullback.

GER 30 extends consolidation

DE30

Improved risk sentiment post-NFP continues to support the Dax 30. The index is grinding the 30-day moving average as the bulls consolidate their gains near the record high.

16000 has become a key hurdle as high valuation makes buyers think twice before committing more chips. Though layers of support indicate an upward bias and may offer some peace of mind.

A bullish breakout would trigger an extended rally when momentum traders join the party. A fall below 15650 would prolong the sideways action to 15500.

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