Intraday Analysis – USD pulls back

<div><img width="750" height="430" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/27083016/Intraday-25.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/2023/07/27083016/Intraday-25.png 750w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/27083016/Intraday-25-300×172.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></div><h2>EURUSD bounces off key support</h2>
<p><a href="https://www.orbex.com/blog/?attachment_id=205569"><img decoding="async" loading="lazy" class="aligncenter wp-image-205569 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/27083110/eurusd-4.png" alt="" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/27083110/eurusd-4.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/27083110/eurusd-4-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/27083110/eurusd-4-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/27083110/eurusd-4-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The US dollar slumped as the Fed raised interest rates by 25 basis points as widely expected. The pair has given back over half of the gains from the rally earlier this month. Medium-term sentiment would stay bullish as long as the price is above the key support of <strong>1.1010</strong> which is at the confluence of the 30-day SMA and the base of a breakout rally in mid-July. A bullish RSI divergence is an encouraging sign as selling interests seem to be fading. <strong>1.1140</strong> is the first resistance to clear before a recovery would gain traction.</p>
<h2>XAUUSD bounces back</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/27083155/gold-16.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-205570" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/27083155/gold-16.png" alt="" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/27083155/gold-16.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/27083155/gold-16-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/27083155/gold-16-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/27083155/gold-16-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>Gold moved up as US Treasury notes retreated in the wake of the Fed meeting. A combination of a break above the daily resistance of 1980 and a bullish MA cross on the daily chart indicates that sentiment might have turned around following a two-month long correction. <strong>1953 </strong>near a previous swing low is where buying has reemerged, and an initial pop above the first resistance of 1968 may have eased the short-term selling pressure. The recent peak of <strong>1987 </strong>is the first target ahead and its breach would resume the climb.</p>
<h2>USOIL seeks support</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/27083215/usoil-2.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-205571" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/27083215/usoil-2.png" alt="" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/27083215/usoil-2.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/27083215/usoil-2-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/27083215/usoil-2-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/27083215/usoil-2-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>WTI crude lost some steam over a smaller-than-expected drawdown in US crude inventories. A break above the previous high of 77.30 has attracted momentum buyers, extending the recovery to the psychological level of 80.00. The RSI’s double top in the overbought area may limit the bullish impetus and give buyers some breathing room. <strong>78.40</strong> is the closest support and 76.50 at the start of a breakout would be the bulls’ second line of defence. A rebound would bring the commodity to the supply zone around <strong>80.60</strong>.</p>
<p>The post <a rel="nofollow" href="https://www.orbex.com/blog/en/2023/07/intraday-analysis-usd-pulls-back">Intraday Analysis – USD pulls back</a> appeared first on <a rel="nofollow" href="https://www.orbex.com/blog/en">Orbex Forex Trading Blog</a>.</p>