Intraday Analysis – USD Holds Onto Gains

<div><img width="750" height="430" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/22085350/Intraday-23.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/22085350/Intraday-23.png 750w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/22085350/Intraday-23-300×172.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></div><h2><strong>AUDUSD may see limited bounce</strong></h2>
<p><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-206685" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/22084714/AUDUSD-4.png" alt="AUDUSD" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/22084714/AUDUSD-4.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/22084714/AUDUSD-4-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/22084714/AUDUSD-4-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/22084714/AUDUSD-4-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /><br />
The Australian dollar continues to struggle as a proxy to China’s slowing growth. The price has remained under pressure after it broke below May’s trough around 0.6500. Consecutive lower lows are a sign of bearish momentum which may continue to attract sellers. <strong>0.6330</strong> is the next target and its breach would expose last October’s low of 0.6180. As the RSI recovers into the neutral area, profit-taking has driven the quote higher, but <strong>0.6480</strong> is the first hurdle where bearish trend followers are expected to jump in.</p>
<h2><strong>XAUUSD struggles to bounce</strong></h2>
<p><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-206687" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/22084745/XAUUSD-4.png" alt="XAUUSD" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/22084745/XAUUSD-4.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/22084745/XAUUSD-4-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/22084745/XAUUSD-4-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/22084745/XAUUSD-4-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /><br />
Gold retreats as the dollar holds onto recent gains ahead of the Fed’s Jackson Hole. A break below the daily support and the psychological level of 1900 has put buyers on the defensive, confirming the bearish MA cross on the daily chart. <strong>1880 </strong>is an intermediate support and 1870 at the base of a breakout rally in March is a key level to see if buyers return. Otherwise, bullion might sink towards 1800. On the upside, <strong>1900 </strong>has turned into a fresh resistance level and only a close above 1920 would make a rebound sustainable.</p>
<h2><strong>GER 40 tests major support</strong></h2>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-206688 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/22084821/DE40-4.png" alt="DE40" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/22084821/DE40-4.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/22084821/DE40-4-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/22084821/DE40-4-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/22084821/DE40-4-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /><br />
Technical buying helps equity markets stabilise after a global sell-off last week. The Dax is testing the July low of 15470, a critical support to prevent a prolonged correction to 14700. A combination of bargain hunting and short-term sellers’ profit-taking has led to a bounce with <strong>15790 </strong>as the first hurdle to clear to ease the downward pressure. Then the top of a previously faded rebound at 16050 is the ceiling to lift to help the bulls regain control. <strong>15570 </strong>is the closest support to keep the current momentum intact.</p>
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