Intraday Analysis – USD may stay robust

<div><img width="750" height="430" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/25080142/Intraday-12-1.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="USD may stay robust" decoding="async" loading="lazy" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/25080142/Intraday-12-1.png 750w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/25080142/Intraday-12-1-300×172.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></div><h2>USDCAD tries to stabilise</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/25095521/usdcad-2.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-208480" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/25095521/usdcad-2.png" alt="" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/25095521/usdcad-2.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/25095521/usdcad-2-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/25095521/usdcad-2-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/25095521/usdcad-2-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The Canadian dollar gave back gains after a modest increase in retail sales in August. The latest rebound came to a halt in the supply zone 1.3520 from a previous bearish breakout. A close back above this level would help the bulls regain control and send the pair above 1.3600. In the meantime, short-term sentiment remains cautious after a loss of momentum, which could attract more sellers especially if weak buyers throw in the towel. 1.3370 is a key support to keep the greenback from losing more ground.</p>
<h2>EURGBP grinds major resistance</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/25095542/eurgbp-2.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-208482" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/25095542/eurgbp-2.png" alt="" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/25095542/eurgbp-2.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/25095542/eurgbp-2-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/25095542/eurgbp-2-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/25095542/eurgbp-2-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The pound heads lower as retail sales and services PMI data fell short of expectations. On the daily chart, the euro’s break above the August peak of 0.8670 and a bullish MA cross indicates a strong comeback after a 5-month long correction. Offers around July’s high of 0.8700 are the last significant hurdle and a bullish breakout would pave the way for a sustained recovery above 0.8730. On the downside, 0.8660 and 0.8630 are two layers of fresh support in case of a pullback as the RSI shows a repeatedly overbought condition.</p>
<h2>US 30 sinks towards 10-week low</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/25094804/all-elements.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-208478" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/25094804/all-elements.png" alt="" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/25094804/all-elements.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/25094804/all-elements-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/25094804/all-elements-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/25094804/all-elements-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The Dow Jones tumbles as investors digest the reality that restrictive rates are here to stay. A fall below August’s bottom of 34050 has invalidated the M-shaped rebound on the daily chart, putting those who bought the recent dips under pressure. A new round of selling might be sending the index to the double bottom at 33700 from last summer, which is a critical floor to maintain the upward trajectory in the medium-term. The support-turned-resistance of 34150 is the first obstacle to clear to turn things around.</p>
<p>The post <a rel="nofollow" href="https://www.orbex.com/blog/en/2023/09/intraday-analysis-usd-may-stay-robust">Intraday Analysis – USD may stay robust</a> appeared first on <a rel="nofollow" href="https://www.orbex.com/blog/en">Orbex Forex Trading Blog</a>.</p>