Intraday Analysis – USD breaks lower

<div><img width="750" height="430" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/10081016/Intraday.webp" 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/2023/07/10081016/Intraday.webp 750w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/10081016/Intraday-300×172.webp 300w" sizes="(max-width: 750px) 100vw, 750px" /></div><h2>EURUSD tests recent peak</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/10080829/EURUSD-2.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-204597 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/10080829/EURUSD-2.png" alt="Chart of EURUSD" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/10080829/EURUSD-2.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/10080829/EURUSD-2-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/10080829/EURUSD-2-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/10080829/EURUSD-2-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The US dollar plunged after job growth slowed in June. The pair previously found support over 1.0840 at the base of a bullish momentum back in mid-June, which coincided with the 30-day SMA. The directional bias has remained upward from the daily chart’s perspective with a bullish MA cross as a sign of stabilisation in the two-week long consolidation. A pop above 1.0930 has put the single currency back on track and led to a test of the recent peak of <strong>1.1010</strong>.<strong> 1.0890</strong> is a fresh support in case the bulls need to catch their breath.</p>
<h2>GBPCAD aims at year’s peak</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/10080855/GBPCAD.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-204598 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/10080855/GBPCAD.png" alt="Chart of GBPUSD" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/10080855/GBPCAD.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/10080855/GBPCAD-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/10080855/GBPCAD-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/10080855/GBPCAD-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The Canadian dollar slumped as a rising jobless rate may ease the hike pressure on the BoC. A close above the June high of 1.6970 has attracted momentum buyers, sending the pair towards this year’s peak of 1.7140. <strong>1.7070</strong> is the intermediate hurdle in its way and the RSI’s overbought condition could prompt the bulls to take some profit. The support-turned-resistance of <strong>1.6940</strong> is the first level to expect renewed buying interest and 1.6850 on the 20-day SMA would be the bulls’ second line of defence.</p>
<h2>GER 40 sees liquidation</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/10080926/DE40-2.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-204599 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/10080926/DE40-2.png" alt="Chart of DE40" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/10080926/DE40-2.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/10080926/DE40-2-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/10080926/DE40-2-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/10080926/DE40-2-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The Dax 40 tumbled as central banks’ recent hawkish messages drove bond yields higher. A sharp fall below the demand zone 15650-15700 from a previous lengthy consolidation is a sign of capitulation by short-term bulls. The RSI has recovered into neutral territory as sellers took profit, but the index is yet to stabilise as traders might be wary of catching a falling knife. The start of a breakout rally (<strong>15400</strong>) at the end of March is the level to see if buyers are making their way back, and <strong>15800 </strong>is the first hurdle to clear.</p>
<p>The post <a rel="nofollow" href="https://www.orbex.com/blog/en/2023/07/intraday-analysis-usd-breaks-lower">Intraday Analysis &#8211; USD breaks lower</a> appeared first on <a rel="nofollow" href="https://www.orbex.com/blog/en">Orbex Forex Trading Blog</a>.</p>