Intraday Analysis – SPX500 Breaks Lower

<div><img width="750" height="430" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/18081914/Intraday-20.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Intraday Analysis August 18, 2023" decoding="async" loading="lazy" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/18081914/Intraday-20.png 750w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/18081914/Intraday-20-300×172.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></div><h2><strong>AUDUSD tests resistance</strong></h2>
<p><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-206573" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/18080930/AUDUSD-3.png" alt="AUDUSD " width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/18080930/AUDUSD-3.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/18080930/AUDUSD-3-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/18080930/AUDUSD-3-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/18080930/AUDUSD-3-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /><br />
The Australian dollar weakened after an uptick in July’s unemployment rate. The pair is still struggling to stabilise after it broke below May’s low of 0.6500. <strong>0.6370</strong> is the closest support and the RSI’s oversold situation on the daily chart may cause a limited rebound, giving the sell-off a breathing room. Fresh resistance could be expected at the pivot level of <strong>0.6500</strong> as the bears might be doubling down on the downturn. But in case of a bullish breakout, 0.6600 on the 20-day SMA would be a dividing line.</p>
<h2><strong>EURJPY probes support</strong></h2>
<p><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-206574" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/18081022/EURJPY.png" alt="EURJPY " width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/18081022/EURJPY.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/18081022/EURJPY-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/18081022/EURJPY-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/18081022/EURJPY-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /><br />
The Japanese yen recouped some losses over an upbeat July inflation print. On the daily chart, a bullish MA cross after a month-long consolidation is a sign that buyers have regained control of the direction. As the rally extends, more trend followers may join and push towards the milestone at <strong>160.00</strong>. Zooming into the hourly chart, <strong>157.70</strong> has been an accumulation ground offering steady support to the single currency. Further down, 156.70 on the 30-day SMA would be a major floor to keep the impetus intact.</p>
<h2><strong>SPX 500 breaks major floor</strong></h2>
<p><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-206575" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/18081356/US500-2.png" alt="S&amp;P500" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/18081356/US500-2.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/18081356/US500-2-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/18081356/US500-2-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/18081356/US500-2-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /><br />
The S&amp;P 500 plunges as the prospect of prolonged high rates sends US Treasury yields to a 10-month high. The index barely hovered above the daily support of 4390 and a lack of bids signalled that the path of least resistance would be down, stalling the momentum from the daily chart’s perspective, and putting the bulls on the defensive. As the RSI tanks into the oversold area, <strong>4330 </strong>is the level to see if the price could stabilise or a broader liquidation could follow suit leading to 4200. <strong>4400 </strong>has become a fresh resistance overhead.</p>
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