Intraday Market Analysis – USD Gains Momentum Again

March 15, 2022

By Orbex

EURUSD struggles to rebound

The US dollar bounces across the board as the Fed may possibly raise interest rates on Wednesday. The pair found support near May 2020’s lows around 1.0800.

The RSI’s oversold condition on the daily chart prompted the bears to take some chips off the table, alleviating the pressure. 1.1110 is a fresh resistance and its breach could lift offers to 1.1270.

In fact, this could turn sentiment around in the short term. Failing that, a break below 1.0830 could trigger a new round of sell-off towards March 2020’s lows near 1.0650.

AUDUSD lacks support


Free Reports:

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





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.





The Australian dollar slipped after dovish RBA minutes. The pair continues to pull back from its recent top at 0.7430.

A drop below the demand zone at 0.7250 further puts the bulls on the defensive. The former support has turned into a resistance level. 0.7170 at the origin of a previous breakout is key support.

An oversold RSI may raise buyers’ interest in this congestion area. A deeper correction could invalidate the recent rebound and send the Aussie to the daily support at 0.7090.

GER 40 attempts to rebound

The Dax 40 edges higher as Russia and Ukraine hold a fourth round of talks. The index bounced off the demand zone (12500) from the daily chart, a sign that price action could be stabilizing.

The supply zone around the psychological level of 14000 sits next to the 20-day moving average, making it an important hurdle. A tentative breakout may have prompted sellers to cover.

14900 would be the target if the rebound gains momentum. On the downside, 13300 is fresh support, and 12720 is the second line of defense.


Article 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

Share
Published by
InvestMacro

Recent Posts

NZD/USD Hits Yearly Low Amid US Dollar Strength

By RoboForex Analytical Department The NZD/USD pair has experienced a significant decline, touching a low…

6 hours ago

Svalbard Global Seed Vault evokes epic imagery and controversy because of the symbolic value of seeds

By Adriana Craciun, Boston University  Two-thirds of the world’s food comes today from just nine…

6 hours ago

Trump plans to raise tariffs by 10% on goods from China and 25% on goods from Mexico and Canada

By JustMarkets At Monday’s close, the Dow Jones Index (US30) increased by 0.99%. The S&P…

6 hours ago

Nuclear rockets could travel to Mars in half the time − but designing the reactors that would power them isn’t easy

By Dan Kotlyar, Georgia Institute of Technology  NASA plans to send crewed missions to Mars…

1 day ago

Fast fashion may seem cheap, but it’s taking a costly toll on the planet − and on millions of young customers

By Paula M. Carbone, University of Southern California  Fast fashion is everywhere – in just…

1 day ago

“Trump trades” and geopolitics are the key factors driving market activity

By JustMarkets At Friday’s close, the Dow Jones Index (US30) was up 0.97% (week-to-date +1.99%).…

1 day ago

This website uses cookies.