Intraday Analysis – USD awaits catalyst

<div><img width="750" height="430" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/10082306/Intraday-13.png" 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/2023/08/10082306/Intraday-13.png 750w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/10082306/Intraday-13-300×172.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></div><h2>AUDUSD struggles to rebound</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/10082012/AUDUSD-2.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-206154 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/10082012/AUDUSD-2.png" alt="Chart of AUDUSD" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/10082012/AUDUSD-2.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/10082012/AUDUSD-2-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/10082012/AUDUSD-2-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/10082012/AUDUSD-2-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The Australian dollar retreats over lower consumer inflation expectations. On the daily chart, the price is in a M-shaped consolidation, indicating that the aussie is at a crossroads after it gave back all the gains from the June rally. <strong>0.6500</strong> is the current support as the RSI’s double dip into the oversold area was met with some bargain hunting bids. The buy side will need to clear the support-turned-resistance of <strong>0.6610</strong> to ease the downward pressure. Otherwise, the pair could be vulnerable to a liquidation below 0.6450.</p>
<h2>NZDUSD continues lower</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/10082042/NZDUSD-3.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-206155 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/10082042/NZDUSD-3.png" alt="Chart of NZDUSD" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/10082042/NZDUSD-3.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/10082042/NZDUSD-3-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/10082042/NZDUSD-3-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/10082042/NZDUSD-3-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The New Zealand dollar softens as inflation expectations show signs of easing. A drift below the daily swing low of 0.6060 has put those who bought along the summer rally on the defensive. The area between June’s low of<strong> 0.5990 </strong>and the psychological level of 0.6000 is critical in keeping the kiwi afloat for the coming days as its breach could trigger an extended sell-off towards 0.5800. The RSI’s oversold condition has attracted some buying but<strong> 0.6130</strong> is the first hurdle to lift before a sustained rebound could materialise.</p>
<h2>UK 100 bounces back</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/10082240/UK100-1.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-206156 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/10082240/UK100-1.png" alt="Chart of UK100" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/10082240/UK100-1.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/10082240/UK100-1-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/10082240/UK100-1-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/10082240/UK100-1-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The FTSE finds support from commodity stocks in the hope of economic stimulus in China. The pullback has met buying interests in the demand zone 7400-7500 from the start of the breakout rally in mid-July, and a close above the first resistance of 7600 prompted short-term sellers to trim their bets, opening the door to a potential recovery. <strong>7660 </strong>right below the recent peak could be the bears’ last stronghold and a bullish breakout would provide confirmation. <strong>7540 </strong>is the first support as the RSI shows an overbought situation.</p>
<p>The post <a rel="nofollow" href="https://www.orbex.com/blog/en/2023/08/intraday-analysis-usd-awaits-catalyst-4">Intraday Analysis – USD awaits catalyst</a> appeared first on <a rel="nofollow" href="https://www.orbex.com/blog/en">Orbex Forex Trading Blog</a>.</p>