Intraday Analysis – USD awaits catalysts

<div><img width="750" height="430" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/26080958/Intraday-24.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/26080958/Intraday-24.png 750w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/26080958/Intraday-24-300×172.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></div><h2>AUDUSD struggles to bounce</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/26080814/AUDUSD-3.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-205477" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/26080814/AUDUSD-3.png" alt="" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/26080814/AUDUSD-3.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/26080814/AUDUSD-3-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/26080814/AUDUSD-3-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/26080814/AUDUSD-3-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The Australian dollar faltered after Q2’s CPI fell short of expectations. After hitting resistance and forming a double top at 0.6900, the pair has sought to secure a foothold. While some profit-taking has tempered the short-term impetus, the medium-term outlook is still skewed to the upside.<strong> 0.6720</strong> at the base of a previous breakout rally coincides with the 20-day SMA and might see buying interests again. The brief swing high of <strong>0.6840</strong> is a key resistance and its breach could open the door to a broader extension.</p>
<h2>USDCHF probes resistance</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/26080838/usdchf-3.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-205478" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/26080838/usdchf-3.png" alt="" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/26080838/usdchf-3.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/26080838/usdchf-3-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/26080838/usdchf-3-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/26080838/usdchf-3-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The US dollar consolidates as traders await the Fed’s final call for monetary policy. A deeply oversold RSI has helped the price stabilise by prompting sellers to take some chips off the table. The pair has built a base over <strong>0.8560</strong> in an attempt to sustain the current bounce. As overall sentiment remains downbeat, the bears may look to sell into strength starting with <strong>0.8700 </strong>as a fresh resistance. 0.8790 on the 20-day SMA is where more selling pressure could be expected. On the downside, a bearish breakout would further extend losses.</p>
<h2>UK 100 grinds higher</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/26080902/ftse-100.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-205479" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/26080902/ftse-100.png" alt="" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/26080902/ftse-100.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/26080902/ftse-100-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/26080902/ftse-100-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/26080902/ftse-100-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The commodity-heavy FTSE inches higher as China pledges to shore up its property market. A close above June’s peak of 7685 is another milestone in the two-week long rebound, signalling a strong lingering bullish pressure despite a correction from last May. <strong>7770 </strong>from the start of the late May sell-off is the next hurdle. However, a bearish RSI divergence indicates a deceleration in the upward momentum and the bulls could use some breathing room to consolidate their gains. <strong>7640 </strong>is the closest support in case of a pullback.</p>
<p>The post <a rel="nofollow" href="https://www.orbex.com/blog/en/2023/07/intraday-analysis-usd-awaits-catalysts">Intraday Analysis – USD awaits catalysts</a> appeared first on <a rel="nofollow" href="https://www.orbex.com/blog/en">Orbex Forex Trading Blog</a>.</p>