Intraday Analysis – Aussie looking for reprieve

<div><img width="750" height="430" src="https://assets.iorbex.com/blog/wp-content/uploads/2024/01/22095235/Intraday-Analysis-Aussie-looking-for-reprieve.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Intraday-Analysis-Aussie-looking-for-reprieve" decoding="async" loading="lazy" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2024/01/22095235/Intraday-Analysis-Aussie-looking-for-reprieve.png 750w, https://assets.iorbex.com/blog/wp-content/uploads/2024/01/22095235/Intraday-Analysis-Aussie-looking-for-reprieve-300×172.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></div><h2>AUDUSD breaks support<br />
<a href="https://assets.iorbex.com/blog/wp-content/uploads/2024/01/22094203/AUDUSD-22-1.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-216132" src="https://assets.iorbex.com/blog/wp-content/uploads/2024/01/22094203/AUDUSD-22-1.png" alt="AUDUSD chart " width="1423" height="873" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2024/01/22094203/AUDUSD-22-1.png 1423w, https://assets.iorbex.com/blog/wp-content/uploads/2024/01/22094203/AUDUSD-22-1-300×184.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2024/01/22094203/AUDUSD-22-1-1024×628.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2024/01/22094203/AUDUSD-22-1-768×471.png 768w" sizes="(max-width: 1423px) 100vw, 1423px" /></a></h2>
<p>The Australian dollar remains bearish after breaking through the 0.66 handle. A brief uptick could shift sentiment, however, a lift back to 0.6660 is required. This level sits on the 20-day moving average, making it a confluence area. A deeper correction would test the daily low at 0.6530. The sell side will need to keep momentum if prices reach November’s lows towards 0.63.</p>
<h2>USOIL looking for direction<br />
<a href="https://assets.iorbex.com/blog/wp-content/uploads/2024/01/22094242/USOIL-22-1.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-216134" src="https://assets.iorbex.com/blog/wp-content/uploads/2024/01/22094242/USOIL-22-1.png" alt="USOIL chart " width="1423" height="873" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2024/01/22094242/USOIL-22-1.png 1423w, https://assets.iorbex.com/blog/wp-content/uploads/2024/01/22094242/USOIL-22-1-300×184.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2024/01/22094242/USOIL-22-1-1024×628.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2024/01/22094242/USOIL-22-1-768×471.png 768w" sizes="(max-width: 1423px) 100vw, 1423px" /></a></h2>
<p>WTI crude remains in a symmetrical triangle after losing confidence going into the new year. A close above the previous high of 73.00 has been short-lived with the rally hitting a roadblock at 74.15. A break below 72.65 could force leveraged buyers to bail out. Not all is lost, though, this might be a correction after a bearish RSI divergence could hint at exhaustion. 75.00 on the 20-day moving average saw renewed interest. 76.00 would be the bulls’ second layer of defence.</p>
<h2>US 30 hitting more resistance<br />
<a href="https://assets.iorbex.com/blog/wp-content/uploads/2024/01/22094313/US30-22-1.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-216135" src="https://assets.iorbex.com/blog/wp-content/uploads/2024/01/22094313/US30-22-1.png" alt="US30 chart " width="1423" height="873" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2024/01/22094313/US30-22-1.png 1423w, https://assets.iorbex.com/blog/wp-content/uploads/2024/01/22094313/US30-22-1-300×184.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2024/01/22094313/US30-22-1-1024×628.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2024/01/22094313/US30-22-1-768×471.png 768w" sizes="(max-width: 1423px) 100vw, 1423px" /></a></h2>
<p>The Dow Jones 30 weakens as fewer jobless claims indicate a tight US labour market. The choppy consolidation around 37400 has proved to be a challenging level to crack. The price’s sharp reversal suggests that bears could still have the final word. A clean cut through 37600 then 37800 has put the bulls on the defensive, with the latter becoming a fresh resistance. The index is now setting its sights on more fresh highs. The RSI’ oversold condition may attract some bargain hunters.</p>
<p>The post <a href="https://www.orbex.com/blog/en/2024/01/intraday-analysis-aussie-looking-for-reprieve">Intraday Analysis – Aussie looking for reprieve</a> appeared first on <a href="https://www.orbex.com/blog/en">Orbex Forex Trading Blog</a>.</p>