Intraday Analysis – USD claws back some losses

<div><img width="750" height="430" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/19083410/Intraday-7-1.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/2023/07/19083410/Intraday-7-1.png 750w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/19083410/Intraday-7-1-300×172.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></div><h2>AUDUSD seeks support</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/19083204/AUDUSD-2.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-205038 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/19083204/AUDUSD-2.png" alt="Chart of AUDUSD" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/19083204/AUDUSD-2.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/19083204/AUDUSD-2-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/19083204/AUDUSD-2-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/19083204/AUDUSD-2-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The Australian dollar retreated after the RBA’s meeting minutes deemed its policy restrictive enough. The newly formed double top at 0.6900 is a sign of tempered enthusiasm after last week’s rally. A combination of profit-taking and fresh selling has driven the quote lower in search of new support. <strong>0.6770</strong> is the first level to see if buyers start to accumulate again. Further down, 0.6680 is a major support to maintain the recovery bias. A close back above <strong>0.6900</strong> would extend the rally beyond the psychological level of 0.7000.</p>
<h2>NZDUSD consolidates gains</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/19083231/NZDUSD-3.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-205039 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/19083231/NZDUSD-3.png" alt="Chart of NZDUSD" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/19083231/NZDUSD-3.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/19083231/NZDUSD-3-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/19083231/NZDUSD-3-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/19083231/NZDUSD-3-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The New Zealand dollar softened over a slowdown in the Q2 inflation reading. A break above the key supply area of 0.6380 formed by April’s and May’s highs suggests a strong bullish drive, forcing sellers to cover their bets and potentially opening the door to a sustained recovery in the medium-term. As the dust settles, the price is consolidating its gains with the former resistance of <strong>0.6240</strong> as the closest support. The RSI’s oversold condition may attract some buying interests and <strong>0.6340</strong> is the first hurdle to clear.</p>
<h2>USDCAD tests resistance</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/19083334/USDCAD-4.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-205042 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/19083334/USDCAD-4.png" alt="Chart of USDCAD" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/19083334/USDCAD-4.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/19083334/USDCAD-4-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/19083334/USDCAD-4-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/19083334/USDCAD-4-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The Canadian dollar struggles as inflation fell to a 27-month low in June. Sentiment remains cautious after the greenback’s bounce earlier this month failed to hold. The immediate resistance of <strong>1.3230</strong> coincides with the 30-day SMA, making it an important price cap, though a tentative break has revealed some bullish velleity. A confirmation needs to be in the shape of a decisive breakout which would ease the pressure and expose the support-turned-resistance of 1.3300. <strong>1.3090</strong> is a critical floor to prevent further sell-off.</p>
<p>The post <a rel="nofollow" href="https://www.orbex.com/blog/en/2023/07/intraday-analysis-usd-claws-back-some-losses">Intraday Analysis – USD claws back some losses</a> appeared first on <a rel="nofollow" href="https://www.orbex.com/blog/en">Orbex Forex Trading Blog</a>.</p>