Intraday Analysis – USD reclaims some lost ground

<div><img width="750" height="430" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/12/06092223/USD-reclaims-some-lost-ground.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="USD-reclaims-some-lost-ground" decoding="async" loading="lazy" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/12/06092223/USD-reclaims-some-lost-ground.png 750w, https://assets.iorbex.com/blog/wp-content/uploads/2023/12/06092223/USD-reclaims-some-lost-ground-300×172.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></div><h2>EURUSD falls back<br />
<a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/12/06092834/EURUSD-CHART-6-12-2023.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-213061" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/12/06092834/EURUSD-CHART-6-12-2023.png" alt="EURUSD-CHART-6-12-2023" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/12/06092834/EURUSD-CHART-6-12-2023.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/12/06092834/EURUSD-CHART-6-12-2023-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/12/06092834/EURUSD-CHART-6-12-2023-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/12/06092834/EURUSD-CHART-6-12-2023-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></h2>
<p>The US dollar recouped more losses after a better-than-expected services PMI. The pair has struggled to secure bids after it turned south in the 1.1000 supply zone from last August’s sell-off. Short-term sentiment went downbeat following a slide below the 20-day SMA (1.0850), prompting more buyers to take profit and wait on the sidelines. The resistance-turned-support of 1.0720 is an important level to expect stabilisation and assess the strength of follow-up interest. 1.0890 is the immediate hurdle in case of a bounce.</p>
<h2>AUDUSD hits resistance<br />
<a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/12/06092859/AUDUSD-CHART-6-12-2023.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-213062" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/12/06092859/AUDUSD-CHART-6-12-2023.png" alt="AUDUSD-CHART-6-12-2023" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/12/06092859/AUDUSD-CHART-6-12-2023.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/12/06092859/AUDUSD-CHART-6-12-2023-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/12/06092859/AUDUSD-CHART-6-12-2023-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/12/06092859/AUDUSD-CHART-6-12-2023-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></h2>
<p>The Australian dollar steadied after the GDP YoY exceeded expectations in Q3. The price has struggled to stay in the supply zone 0.6690-0.6700 where the August liquidation originated. A bearish RSI divergence already foreshadowed potential weakness in this significant area. A drop below 0.6600 could be seen as confirmation for a correction with the bulls scrambling for the exit. 0.6530 over the 20-day SMA would be their second layer of defence and its breach would put 0.6460 at risk. 0.6620 is the first resistance to clear.</p>
<h2>XAUUSD breaks support<br />
<a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/12/06092924/XAUUSD-CHART-6-12-2023.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-213064" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/12/06092924/XAUUSD-CHART-6-12-2023.png" alt="XAUUSD-CHART-6-12-2023" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/12/06092924/XAUUSD-CHART-6-12-2023.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/12/06092924/XAUUSD-CHART-6-12-2023-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/12/06092924/XAUUSD-CHART-6-12-2023-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/12/06092924/XAUUSD-CHART-6-12-2023-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></h2>
<p>Gold retreat as the dollar tries to stage a bounce ahead of jobs data. On the daily chart, a long spike above the all-time high of 2080 indicates rejection of offers and the RSI’s double top in the overbought area may have instilled a bit of doubt on the current momentum. A fall below 2035 would force some buyers out, and the price could be in for a pullback as trend followers might look for a steeper discount. The psychological level of 2000 coincides with the 20-day SMA, making it an area of interest. 2075 is a fresh resistance.</p>
<p>The post <a href="https://www.orbex.com/blog/en/2023/12/intraday-analysis-usd-reclaims-some-lost-ground">Intraday Analysis – USD reclaims some lost ground</a> appeared first on <a href="https://www.orbex.com/blog/en">Orbex Forex Trading Blog</a>.</p>