Intraday Analysis – Oil tests key floor

<div><img width="750" height="430" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/17082105/Intraday-17-1.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/2023/08/17082105/Intraday-17-1.png 750w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/17082105/Intraday-17-1-300×172.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></div><h2>NZDUSD hits resistance</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/17082018/NZDUSD-5.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-206495 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/17082018/NZDUSD-5.png" alt="Chart of NZDUSD" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/17082018/NZDUSD-5.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/17082018/NZDUSD-5-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/17082018/NZDUSD-5-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/17082018/NZDUSD-5-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The New Zealand dollar faltered after the RBNZ vowed to keep its cash rate unchanged. On the daily chart, the pair has slipped below May’s lows and the round number of <strong>0.6000</strong>, putting immense pressure on those who previously jumped on the dip. A limited bounce has fallen short of offering a relief and letting trapped long positions out. Only a clear cut above the demand-turned-supply zone of 0.6100 would improve the market mood. Otherwise, a new round of sell-off would send the kiwi to <strong>0.5850 </strong>then 0.5800.</p>
<h2>GBPUSD bounces back</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/17081951/GBPUSD-15.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-206494 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/17081951/GBPUSD-15.png" alt="Chart of GBPUSD" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/17081951/GBPUSD-15.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/17081951/GBPUSD-15-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/17081951/GBPUSD-15-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/17081951/GBPUSD-15-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>Cable rallied after July’s CPI and retail sales beat expectations. The pair is still hovering above June’s swing low of 1.2600 as trend followers look to maintain the pound’s upward trajectory in the medium-term. The recent spike at<strong> 1.2800</strong> is a major obstacle after it signalled tough resistance overhead. A bullish breakout would prompt sellers to cover their bets and put Sterling on a steady rebound towards 1.3000. On the downside, a fall below the immediate support of <strong>1.2690</strong> would expose the critical floor at 1.2600.</p>
<h2>USOIL struggles for support</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/17081920/USOIL-2.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-206493 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/17081920/USOIL-2.png" alt="Chart of USOIL" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/17081920/USOIL-2.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/17081920/USOIL-2-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/17081920/USOIL-2-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/17081920/USOIL-2-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>WTI crude fell as China’s ailing property market raised concerns about its economy. As the daily RSI creeped into the overbought area, the bulls may need a breather after they cleared the April high of 83.40. A drop below the psychological level of 80.00 between the 20 and 30-day SMAs has put <strong>78.70</strong> as the last layer of defence before a deeper correction. A lack of follow-through bids would break the current momentum and trigger a sell-off to 76.80. <strong>81.30 </strong>is a fresh resistance to clear before a recovery could take place.</p>
<p>The post <a rel="nofollow" href="https://www.orbex.com/blog/en/2023/08/intraday-analysis-oil-tests-key-floor">Intraday Analysis – Oil tests key floor</a> appeared first on <a rel="nofollow" href="https://www.orbex.com/blog/en">Orbex Forex Trading Blog</a>.</p>