By Orbex
The US dollar bounced higher on solid jobs performance in October. A bullish RSI divergence indicates a deceleration in the sell-off.
Sellers have started to cover after a close above the immediate support at 0.9170. However, the initial momentum was held back after the RSI shot into the overbought territory.
The bulls will need to lift offers around 0.9225, which sits on the 30-day moving average to attract more followers. On the downside, a break below 0.9100 may trigger a fall towards 0.9020.
Free Reports:
The Canadian dollar claws back some losses after Canada’s unemployment rate shrank to 6.7% in October. The US dollar’s break above 1.2430 has put the bears under pressure.
An overbought RSI has put a limit on the upside as intraday buyers take profit. The bulls are making an attempt at 1.2500. This level was a key support on the daily chart and has now turned into a resistance.
A bullish breakout may pave the way for a bullish reversal. A fall below 1.2375 would put the demand zone over 1.2300 at the test once again.
The Dow Jones 30 finds support from the passage of the $1 trillion US infrastructure bill. The index saw an acceleration to the upside after it rallied above the previous peak at 35600.
Sentiment remains bullish with short-term price action grinding up along a rising trendline. 36600 would be the next target.
The RSI’s overbought situation has led to a temporary retracement which could be an opportunity for trend followers to stake in. 36070 on the trendline is the first level where we can expect a rebound.
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
By InvestMacro Here are the latest charts and statistics for the Commitment of Traders (COT)…
By InvestMacro Here are the latest charts and statistics for the Commitment of Traders (COT)…
By InvestMacro Here are the latest charts and statistics for the Commitment of Traders (COT)…
By InvestMacro The latest update for the weekly Commitment of Traders (COT) report was released…
By ForexTime US500 ↓ 4% month-to-date High impact events could rock index Fed decision, earnings…
By JustMarkets As of Thursday's close, the Dow Jones Industrial Average (US30) was down 0.98%, while the…
This website uses cookies.