Intraday Analysis – USD finds strength

<div><img width="750" height="430" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/02075150/Intraday-17.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="USD finds strength 2-10-2023" decoding="async" loading="lazy" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/02075150/Intraday-17.png 750w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/02075150/Intraday-17-300×172.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></div><h2>GBPUSD probes resistance<br />
<a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/02080004/GAPUSD-chart.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-208782" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/02080004/GAPUSD-chart.png" alt="" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/02080004/GAPUSD-chart.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/02080004/GAPUSD-chart-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/02080004/GAPUSD-chart-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/02080004/GAPUSD-chart-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></h2>
<p>The pound inched higher as GDP growth beat expectations in the second quarter. The pair is looking to find a bottom after a 10-week long retracement with the daily RSI deeply sunk into the oversold zone. A combination of profit-taking and buying the dip has triggered a bounce off 1.2110, confirming the bullish RSI divergence. A close above 1.2280 would extend the rebound to the support-turned-resistance of 1.2420 near the 30-day SMA, where a bullish breakout could open the door to a sustained recovery.</p>
<h2>USDCAD breaks higher<br />
<a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/02080025/USDCAD-chart.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-208783" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/02080025/USDCAD-chart.png" alt="" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/02080025/USDCAD-chart.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/02080025/USDCAD-chart-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/02080025/USDCAD-chart-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/02080025/USDCAD-chart-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></h2>
<p>The Canadian dollar slumped after July’s GDP came out short of expectations. The previous bounce met stiff selling pressure at 1.3540 at the base of a sell-off in mid-September. However, a subsequent retreat secured bids in the demand zone near 1.3420. A clean break above 1.3540 forced sellers to cover, fuelling the bullish momentum and foreshadowing a potential bullish continuation in the days to come. 1.3480 is now a fresh support and 1.3600 the intermediate hurdle to lift before the pair could test the recent peak of 1.3690.</p>
<h2>US 30 struggles to rebound<br />
<a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/02080046/US-30-chart.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-208784" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/02080046/US-30-chart.png" alt="" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/02080046/US-30-chart.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/02080046/US-30-chart-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/02080046/US-30-chart-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/02080046/US-30-chart-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></h2>
<p>The Dow Jones 30 fell back as the US PCE remained stubbornly high in August. As sentiment is still cautious, a limited bounce above 33300 might be driven by profit-taking with the bears taking some chips off the table after a two-month long correction. On the hourly chart, 33900 is a fresh resistance and only its breach would prompt more sellers to cover and ease the bearish pressure. On the downside, a fall below the floor at 33300 would trigger a new round of sell-off and send the index to last May’s low of 32600.</p>
<p>The post <a rel="nofollow" href="https://www.orbex.com/blog/en/2023/10/intraday-analysis-usd-finds-strength">Intraday Analysis – USD finds strength</a> appeared first on <a rel="nofollow" href="https://www.orbex.com/blog/en">Orbex Forex Trading Blog</a>.</p>