28 Feb

Intraday Market Analysis – USD Bounces Back

February 28, 2022

By Orbex

GBPUSD looks to steady

GBPUSD

The sterling recoups some losses as sentiment stabilizes after the initial fear-driven sell-off.

A clean cut through the daily support at 1.3360 has triggered a wave of liquidation. Sentiment remains downbeat despite the recent rebound. A deeply oversold RSI attracted some bargain hunters.

However, the pound is vulnerable to another sell-off as buyers could be wary of catching a falling knife. 1.3500 from the previous consolidation range is the closest resistance. Further down, 1.3200 (near last December’s lows) might be the next target.

USDNOK breaks rising trendline

USDNOK

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The US dollar consolidates as the Ukraine conflict makes a too aggressive move by the Fed unlikely.

A short-lived surge above the supply area (9.0300) indicates strong selling pressure around 9.0900. Then a fall below the rising trendline calls the recent rebound into question.

8.7900 is the next support and buyers will need to lift offers around 9.0900 before they could hope for a meaningful comeback. Further down, this month’s low at 8.6800 is a key floor to keep the greenback afloat.

GER 40 attempts to rebound

DAX

The Dax 40 rebounds as traders bet that sanctions against Russia may not reach their full extent.

The index saw solid bids near its 12-month lows (13800). The RSI’s repeated oversold indication has led short-term sellers to take profit in this key demand zone. 14850 from the tip of a previous bounce is the immediate resistance where the bears could be awaiting to sell into strength.

A bullish breakout could soothe a battered mood. Otherwise, another round of sell-off may push the index below 13500.

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