01 Apr

Intraday Market Analysis – USD Seeks Support

April 1, 2022

By Orbex

GBPUSD attempts to rebound

GBPUSD

The US dollar went sideways as February’s PCE fell short of expectations. The pair met stiff selling pressure around 1.3300, a supply zone next to the 30-day moving average.

A break below 1.3120 may have cast doubt on the viability of the previous rebound after short-term buyers rushed to the exit. 1.3220 is now a fresh resistance and buyers’ failure to lift these offers could send the pound into a deeper correction.

Price action may revisit the psychological level of 1.3000 if it drops below 1.3070.

NZDUSD sees a limited pullback

NZDUSD

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The New Zealand dollar falls back as risk appetite subdues. The pair hit resistance under the psychological level of 0.7000 after it broke to a new high.

The RSI’s overbought condition in this supply zone led buyers to take profit, driving the kiwi lower momentarily. Trend followers may see the retracement as a buying opportunity.

Sentiment would stay bullish as long as the pair is above the previous low at 0.6880. A bearish breakout may dent short-term optimism and send the kiwi to 0.6790.

US 30 keeps high ground

US 30

The Dow Jones 30 retreats on profit-taking as the first quarter draws to an end. A bullish MA cross on the daily chart suggests that the rebound is picking up steam.

The index hit resistance around 35400 and went horizontal, allowing the bulls to take a breather. Buyers may find relief as the RSI tanks into the oversold area.

A rebound would propel the Dow to February’s high at 35870, where a bullish breakout could resume the uptrend in the medium term. The demand area between 34350 and 34580 is an important level.

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