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Intraday Analysis – USD claws back some losses

Intraday Analysis – USD claws back some losses

AUDUSD seeks support

Chart of AUDUSD

The Australian dollar retreated after the RBA’s meeting minutes deemed its policy restrictive enough. The newly formed double top at 0.6900 is a sign of tempered enthusiasm after last week’s rally. The quote has been driven lower by a combination of fresh selling and profit-taking. 0.6770 This is the first area to check if buyers are starting to accumulate again. Further down, 0.6680 will be a major support for the recovery bias. A close above 0.6900 Would extend the rally past the psychological level 0.7000.

NZDUSD consolidates gains

Chart of NZDUSD

The New Zealand Dollar weakened due to a decline in Q2 inflation. A break above the key supply area of 0.6380 formed by April’s and May’s highs suggests a strong bullish drive, forcing sellers to cover their bets and potentially opening the door to a sustained recovery in the medium-term. The price is consolidating gains as the dust settles. 0.6240 The closest support is the RSI. The RSI’s oversold condition may attract some buying interests and 0.6340 First, you must overcome the obstacle.

USDCAD is tested for resistance

Chart of USDCAD

Inflation fell to a 27 month low in June, putting pressure on the Canadian dollar. Sentiment is still…

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