Home Tools Intraday Market Analysis – USD Keeps Momentum :: InvestMacro

Intraday Market Analysis – USD Keeps Momentum :: InvestMacro

20
0


By Orbex

Intraday Market Analysis – USD Keeps Momentum

EURUSD consolidates

EUR USD

The US dollar climbed after better-than-expected NFP in April. The euro is licking its wounds after it broke March 2020’s lows near 1.0640. The price is seeking support above March 2017’s lows (1.0500). The previous rebound came to a halt at the support-turned-resistance at 1.0640. A bullish breakout could drive the bears into giving up their chips, reducing the pressure and potentially paving the way for a rally towards 1.0810. A fall below the current consolidation range (1.0480) would send the single currency to 1.0400.

 

USDCAD bounces higher
USD CAD

The Canadian dollar softens as April’s labour market performance fell short of expectations. A combination of a break above March’s high (1.2900) and a bullish MA cross on the daily chart confirms the market’s upbeat mood. The latest retracement found support in the major demand zone over 1.2720. A break above 1.2840 may have flushed remaining selling interests out. Last December’s high at 1.2960 is the last hurdle and its breach could open the door for an extended rally above 1.3100.



STX, RJF and BX were added to our Stock Market Watchlist in January – Here are the Stock Symbols that stood out so far in the first quarter of 2022.


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.


 

GER 40 struggles for support
GER 40

 

The Dax 40 tumbles as risk appetite subsides amid global policy tightening. The index has met stiff selling pressure at the origin of the late April sell-off at 14300. A drop below the psychological level of 14000 prompted buyers to bail out, invalidating the latest rebound in the process. A bearish MA cross is another sign that an imminent sell-off could be building up. A deeper correction below 13570 would send the price action to 13300. 13820 is a fresh resistance in case of a rebound.


Orbex-LogoArticle 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

Previous articleBest Forex Indicator For Scalping
Next articleWhich direction will the US inflation rate take? Read our blog