Intraday Analysis – USD finds support

<div><img width="750" height="430" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/03075900/Intraday-2.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Intraday Market Analysis August 3, 2023" decoding="async" loading="lazy" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/03075900/Intraday-2.png 750w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/03075900/Intraday-2-300×172.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></div><h2><strong>USDJPY consolidates gains</strong></h2>
<p><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-205863" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/03075140/USDJPY-2.png" alt="USDJPY" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/03075140/USDJPY-2.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/03075140/USDJPY-2-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/03075140/USDJPY-2-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/03075140/USDJPY-2-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /><br />
The US dollar edged higher after July’s ADP employment data beat expectations. A rally above 141.20 has forced short-term sellers to cover, easing the bearish pressure. Now that the pair has recouped most of the losses from a sell-off in early July, the bulls will need to consolidate their holding before they could push above <strong>144.00</strong> and towards a four-week high at 145.00. <strong>142.00</strong> is the closest support and further down 140.70 near a former supply area is a key level to keep the recovery momentum intact.</p>
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<h2><strong>USOIL pulls back</strong></h2>
<p><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-205864" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/03075231/USOIL.png" alt="USOIL" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/03075231/USOIL.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/03075231/USOIL-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/03075231/USOIL-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/03075231/USOIL-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /><br />
WTI crude tumbled as ratings agency Fitch downgraded the US top credit rating. A series of higher lows was a sign of a mounting buying pressure and each dip had been an opportunity for trend followers to jump in. However, the price came short of last April’s peak of 83.40 and a drop below <strong>81.00</strong> triggered profit-taking that put the brakes on the advance, turning it into a fresh supply area. <strong>78.50</strong> is the next support as the RSI sank into oversold territory and 76.80 on the 20-day SMA a second layer if the correction deepens.</p>
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<h2><strong>UK 100 slips into correction</strong></h2>
<p><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-205865" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/03075300/UK100.png" alt="UK100" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/03075300/UK100.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/03075300/UK100-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/03075300/UK100-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/03075300/UK100-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /><br />
The FTSE 100 faltered as an unexpected cut to the US credit rating took a toll on global risk sentiment. A fall below the cluster of support levels around 7620 has triggered a liquidation of short-term long positions, sending the price to the round number of <strong>7500 </strong>which sits at the confluence of the base of a previous breakout momentum and the 20-day SMA. The RSI’s oversold condition may attract some buying interests as the index grinds the key demand zone. <strong>7660 </strong>is the first hurdle to lift before the rally could resume.</p>
<p>The post <a rel="nofollow" href="https://www.orbex.com/blog/en/2023/08/intraday-analysis-usd-finds-support">Intraday Analysis – USD finds support</a> appeared first on <a rel="nofollow" href="https://www.orbex.com/blog/en">Orbex Forex Trading Blog</a>.</p>