Intraday Analysis – USD sees no stabilisation yet

<div><img width="750" height="430" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/14080959/Intraday-4-1.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Intraday Analysis" decoding="async" loading="lazy" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/14080959/Intraday-4-1.png 750w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/14080959/Intraday-4-1-300×172.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></div><h2>AUDUSD tests key resistance</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/14080739/AUDUSD.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-204846 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/14080739/AUDUSD.png" alt="Chart of AUDUSD" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/14080739/AUDUSD.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/14080739/AUDUSD-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/14080739/AUDUSD-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/14080739/AUDUSD-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The Australian dollar climbs over an uptick in consumer inflation expectations in July. The pair has recovered from most of the recent decline and is on its way to test June’s peak of <strong>0.6900</strong>. A break above this key resistance would open the door to the psychological level of 0.7000, which would be a step closer to a bullish reversal in the medium-term. In the meantime, an overbought RSI may cause a limited fall back especially if intraday bulls take some chips off the table. <strong>0.6780</strong> would be the first support in this case.</p>
<h2>USDCHF struggles to find bids</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/14080827/USDCHF-2.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-204847 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/14080827/USDCHF-2.png" alt="Chart of USDCHF" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/14080827/USDCHF-2.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/14080827/USDCHF-2-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/14080827/USDCHF-2-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/14080827/USDCHF-2-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The US dollar sank further with a timid rise in the PPI in June. On the daily chart, sentiment has turned from cautious to extremely bearish. A tumble below May’s low of 0.8830 then January 2021’s bottom of 0.8760 is a strong sign of liquidation as the remaining buyers scrambled to the exit. Last time the dollar fell to this abyss was during the infamously volatile January of 2015. As the RSI shows a repeatedly oversold condition, <strong>0.8500 </strong>is the next level to see if any support would show up and <strong>0.8790</strong> the first layer of resistance to clear.</p>
<h2>US 100 continues higher</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/14080901/US100-1.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-204849 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/14080901/US100-1.png" alt="Chart of US100" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/14080901/US100-1.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/14080901/US100-1-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/14080901/US100-1-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/14080901/US100-1-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The Nasdaq 100 jumps higher as rate hike fears ease across markets. Despite a bit of whipsaw, the demand zone formed by the psychological level of 15000 and the 20-day SMA has seen a buildup in the buying pressure. A subsequent pop above 15270 may have cleared sellers’ last stronghold and forced them to switch sides, turning <strong>15210 </strong>as the latest support. As trend followers join the auction, they may see any fallback as an opportunity to stake in. The index is on its way towards 16000 with <strong>15600 </strong>as the next target.</p>
<p>The post <a rel="nofollow" href="https://www.orbex.com/blog/en/2023/07/intraday-analysis-usd-sees-no-stabilisation-yet">Intraday Analysis &#8211; USD sees no stabilisation yet</a> appeared first on <a rel="nofollow" href="https://www.orbex.com/blog/en">Orbex Forex Trading Blog</a>.</p>