Intraday Analysis – AUD tries to bounce back

<div><img width="750" height="430" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/05081030/Intraday-1.webp" 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/2023/07/05081030/Intraday-1.webp 750w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/05081030/Intraday-1-300×172.webp 300w" sizes="(max-width: 750px) 100vw, 750px" /></div><h2>AUDUSD tests resistance</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/05080857/AUDUSD.webp"><img decoding="async" loading="lazy" class="aligncenter wp-image-204401 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/05080857/AUDUSD.webp" alt="Chart of AUDUSD" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/05080857/AUDUSD.webp 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/05080857/AUDUSD-300×157.webp 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/05080857/AUDUSD-1024×535.webp 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/05080857/AUDUSD-768×401.webp 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The Australian dollar inched higher after the RBA reiterated that further tightening might be needed. The price action has stabilised over 0.6600 and a steady grind upward suggests that sellers have taken some bets off the table. The top of a previous brief rebound at <strong>0.6720</strong> is an important resistance as its breach would prompt more sellers to take profit and ease the pressure. On the downside, <strong>0.6640 </strong>is the immediate support to keep the rebound momentum flowing and 0.6600 is a critical floor further down.</p>
<h2>EURJPY grinds support</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/05080928/EURJPY.webp"><img decoding="async" loading="lazy" class="aligncenter wp-image-204402 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/05080928/EURJPY.webp" alt="Chart of EURJPY" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/05080928/EURJPY.webp 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/05080928/EURJPY-300×157.webp 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/05080928/EURJPY-1024×535.webp 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/05080928/EURJPY-768×401.webp 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The yen holds as Japan’s Finance Minister’s warning against yen selling fuels intervention chatter. As the price hovers under <strong>158.00</strong>, the daily RSI’s overbought situation may cause a pullback if buyers are reluctant to chase after high offers. Sentiment remains extremely upbeat and the bulls may look to keep the direction intact. <strong>156.70</strong> is the first level to expect follow-through bids. Further down, the psychological level of 155.00 sits at the confluence of a previous swing low and the 30-day SMA, making it a major support to monitor.</p>
<h2>UK 100 awaits breakout</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/05080955/UK100.webp"><img decoding="async" loading="lazy" class="aligncenter wp-image-204403 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/05080955/UK100.webp" alt="Chart of UK100" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/05080955/UK100.webp 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/05080955/UK100-300×157.webp 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/05080955/UK100-1024×535.webp 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/05080955/UK100-768×401.webp 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The FTSE 100 struggles with momentum in the wake of soft UK PMI. Sentiment has turned cautious after the index touched a three-month low (7400). A bounce above the first resistance of 7515 has prompted short-term sellers to cover and given the buy side some respite. <strong>7560 </strong>on the 30-day SMA is a key hurdle to lift before the index could enjoy a broader recovery towards June’s peak of 7685. The demand zone 7460-<strong>7500</strong> is a major level to keep the rebound valid or a deeper correction would send the index to 7300.</p>
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