28 Sep

Intraday Market Analysis – USD Tests Supply Area

September 28, 2021

By Orbex

EURUSD tests major support

EURUSD

The US dollar found support from better-than-expected durable goods orders.

The pair gave up all its gains from the rally in late August. This indicates an erosion in the bullish sentiment.

The euro’s latest rebound has been capped by 1.1750. Sellers are pushing towards the critical floor at 1.1665. And its breach would lead to the last line of defense at 1.1600 from November last year.

An oversold RSI may bring in some buying interest, though buyers will need to lift 1.1820 before they could hope for a bullish reversal.

Free Reports:

Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.





Sign Up for Our Stock Market Newsletter – Get updated on News, Charts & Rankings of Public Companies when you join our Stocks Newsletter




EURJPY seeks support

EURJPY

The Japanese yen weakened after the BOJ warned of a recovery delay in its meeting minutes. The euro has capitalized on its rebound from the daily demand zone around 128.00.

A close above 129.65 may have tipped the balance to the upside. A break above 130.10 would pave the way to the key resistance of 130.70 on the daily chart.

However, a descending RSI from the overbought zone is in contrast with the price’s higher highs. There is a risk of a pullback as the momentum slows down. 129.40 is the immediate support.

SPX 500 struggles to rebound

US500

The S&P 500 halted its advance as the Fed’s taper is closing in.

The V-shaped recovery has met selling interest at 4482, the origin of a recent sell-off. A diverging RSI suggests a loss of momentum in the rebound.

The long side may regain confidence in case of a bullish breakout and 4540 would be the next target. Failing that, a drop below 4425 would prompt buyers to bail out, leaving the index vulnerable to a sharp fall.

4340 would be the last support before a deeper correction drives the index to July’s lows near 4240.

Orbex-LogoArticle by Orbex

Orbex is a fully licensed broker that was established in 2011. Founded with a mission to serve its traders responsibly and provides traders with access to the world’s largest and most liquid financial markets. www.orbex.com


investmacro cot newsletter




Financial News Forex and Currency News