Intraday Analysis – US 30 tests 15-month high

<div><img width="750" height="430" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/25083640/Intraday-23-2.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/2023/07/25083640/Intraday-23-2.png 750w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/25083640/Intraday-23-2-300×172.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></div><h2>NZDUSD tests major support</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/25083426/nzdusd-5.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-205408" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/25083426/nzdusd-5.png" alt="" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/25083426/nzdusd-5.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/25083426/nzdusd-5-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/25083426/nzdusd-5-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/25083426/nzdusd-5-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The US dollar holds onto recent gains as PMI data show the US as the most resilient economies. The long drift lower is a sign of profit-taking from the previous surge and the pair is now testing the demand zone around <strong>0.6140</strong> at the base of the July breakout rally. This is an important area to maintain the rebound bias or a breakout would expose the daily swing low 0.6050. The RSI’s oversold condition may trigger a buy-the-dips behaviour but the bulls will need to lift <strong>0.6250 </strong>first to start to ease the downward pressure.</p>
<h2>EURGBP seeks support</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/25083452/eurgbp-3.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-205409" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/25083452/eurgbp-3.png" alt="" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/25083452/eurgbp-3.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/25083452/eurgbp-3-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/25083452/eurgbp-3-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/25083452/eurgbp-3-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The euro slipped after the PMIs showed a larger-than-expected contraction in the euro zone. The price is consolidating its gains after clearing the daily resistance of 0.8650 and a bullish MA cross on the daily chart could attract some buying interests. The resistance-turned-support and the round number of <strong>0.8600</strong> is the next level to see if the buy side manages to regain control. Otherwise, a deeper retracement may send the pair to 0.8550. On the upside, a revisit above the immediate hurdle of <strong>0.8660 </strong>would resume the climb.</p>
<h2>US 30 tests ceiling</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/25083525/US30_2023-07-25.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-205410" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/25083525/US30_2023-07-25.png" alt="" width="1815" height="803" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/25083525/US30_2023-07-25.png 1815w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/25083525/US30_2023-07-25-300×133.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/25083525/US30_2023-07-25-1024×453.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/25083525/US30_2023-07-25-768×340.png 768w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/25083525/US30_2023-07-25-1536×680.png 1536w" sizes="(max-width: 1815px) 100vw, 1815px" /></a></p>
<p>The Dow Jones remains steady as investors brace for the Fed’s rate decision on Wednesday. The rally has been unobstructed after it cleared the cluster of resistance around 34500. As the index is reaching a 15-month high at <strong>35500</strong>, an overbought RSI on the daily chart and the indicator’s bearish divergence shows a slowdown in the current momentum and could foreshadow a pullback. A drop below the psychological level of <strong>35000 </strong>would offer confirmation. But a rebound would mean ‘business as usual’ for trend followers.</p>
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