Intraday Analysis – USD falls back

<div><img width="750" height="430" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/09081732/Intraday-22.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="USD falls back" decoding="async" loading="lazy" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/09081732/Intraday-22.png 750w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/09081732/Intraday-22-300×172.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></div><h2>EURUSD snaps back<br />
<a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/09083421/EURUSD-CHART-4.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-209090 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/09083421/EURUSD-CHART-4.png" alt="EURUSD CHART 9-10-23" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/09083421/EURUSD-CHART-4.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/09083421/EURUSD-CHART-4-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/09083421/EURUSD-CHART-4-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/09083421/EURUSD-CHART-4-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></h2>
<p>The US dollar turned south after wage growth slowed down in September. A near three month long retreat has dented the market’s optimism about the euro but an oversold situation on the daily chart could present an opportunity for a rebound. A bullish RSI divergence indicates a slowdown in the sell-off momentum. 1.0615 on the 20-day SMA is a key resistance and its breach would prompt sellers to take some heat off the single currency. The latest inflection point of 1.0490 is a fresh support to maintain the recovery bias.</p>
<h2>USDCAD probes support<br />
<a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/09083452/USDCAD-CHART-2.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-209092 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/09083452/USDCAD-CHART-2.png" alt="USDCAD CHART 9-10-23" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/09083452/USDCAD-CHART-2.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/09083452/USDCAD-CHART-2-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/09083452/USDCAD-CHART-2-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/09083452/USDCAD-CHART-2-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></h2>
<p>The Canadian dollar rallied on stronger-than-expected jobs data last month. The US counterpart’s surge above the September peak of 1.3690 may have helped medium-term bulls reclaim control of the direction. This has brought the greenback next to the double top formed by last October’s and March’s highs, where a breakout may resume the uptrend after a year of sideways action. In the meantime, a fall off 1.3780 means that the former support zone around 1.3620 is the first support to expect follow-through bids.</p>
<h2>US 30 finds support<br />
<a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/09083519/US-30-CHART-2.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-209093 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/09083519/US-30-CHART-2.png" alt="US 30 CHART 9-10-23" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/09083519/US-30-CHART-2.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/09083519/US-30-CHART-2-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/09083519/US-30-CHART-2-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/09083519/US-30-CHART-2-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></h2>
<p>The Dow Jones soared as an uptick in the US unemployment rate confirms a slower economy. The index is hovering above the demand zone 32600-32800 from last May’s low. This is an important support to keep the bids afloat as a bearish breakout would force buyers to bail out in mass and trigger a deeper correction to 31500, putting this year’s rally at risk. A close above 33500 has flushed out some sellers and helped the bulls regain confidence. The support-turned-resistance of 33900 on the 20-day SMA is a major resistance.</p>
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