Intraday Analysis – USD makes comeback

<div><img width="750" height="430" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/21075532/Intraday-10-1.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="USD makes comeback" decoding="async" loading="lazy" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/21075532/Intraday-10-1.png 750w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/21075532/Intraday-10-1-300×172.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></div><h2>NZDUSD turns south<br />
<a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/21080508/NZDUSD-chart-1-1.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-208338" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/21080508/NZDUSD-chart-1-1.png" alt="" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/21080508/NZDUSD-chart-1-1.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/21080508/NZDUSD-chart-1-1-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/21080508/NZDUSD-chart-1-1-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/21080508/NZDUSD-chart-1-1-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></h2>
<p>The US dollar soars as the Fed is yet to signal the end of its tightening cycle. A series of higher lows from 0.5860 indicated growing pressure from those who bought at the 10-month low. But after hitting resistance at 0.5985 near the base of a sell-off in early September the kiwi fell through the immediate support of 0.5930, denting the momentum and turning 0.5950 into a resistance. 0.5890 at a previous consolidation is the next support level and further down, a drop back below 0.5860 could trigger a new round of sell-off.</p>
<h2>EURGBP tests key resistance<br />
<a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/21080536/EURGBP-chart-2-1.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-208339" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/21080536/EURGBP-chart-2-1.png" alt="" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/21080536/EURGBP-chart-2-1.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/21080536/EURGBP-chart-2-1-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/21080536/EURGBP-chart-2-1-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/21080536/EURGBP-chart-2-1-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></h2>
<p>The pound fell after both CPI and retail sales data came out below expectations last month. The latest surge has put the August high of 0.8670 within reach. A break above this major obstacle would flush out the remaining bears and pave the way for a broader bounce to 0.8800 in the medium-term. As the RSI retreats into the neutral area, 0.8610 at the origin of the momentum is the first level to gauge the strength of follow-up interests. A failure to hold would expose the swing low of 0.8570 next to the moving averages.</p>
<h2>NAS 100 to revisit daily support<br />
<a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/21080558/NAS-100-chart-3.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-208340" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/21080558/NAS-100-chart-3.png" alt="" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/21080558/NAS-100-chart-3.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/21080558/NAS-100-chart-3-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/21080558/NAS-100-chart-3-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/21080558/NAS-100-chart-3-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></h2>
<p>The Nasdaq 100 plunged after the Fed hawkishly hinted at a further rate increase by the end of the year. The index has struggled to secure a footing over 15070 near the base of a momentum rally at the end of August and a limited sideways action failed to clear 15260. A subsequent bearish breakout shows that the path of least resistance is down, invalidating the September rally and forcing more bulls out of the game. The demand zone 14700-14800 could be their last chance to prevent a bearish reversal on the daily chart.</p>
<p>The post <a rel="nofollow" href="https://www.orbex.com/blog/en/2023/09/intraday-analysis-usd-makes-comeback-2">Intraday Analysis – USD makes comeback</a> appeared first on <a rel="nofollow" href="https://www.orbex.com/blog/en">Orbex Forex Trading Blog</a>.</p>