Intraday Analysis – USD shows weakness

<div><img width="750" height="430" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/03085021/Intraday-15.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Intraday Analysis" decoding="async" loading="lazy" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/03085021/Intraday-15.png 750w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/03085021/Intraday-15-300×172.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></div><h2>EURUSD bounces back</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/03084707/EURUSD.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-204301 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/03084707/EURUSD.png" alt="Chart of EURUSD" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/03084707/EURUSD.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/03084707/EURUSD-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/03084707/EURUSD-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/03084707/EURUSD-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The US dollar gave up some gains after the PCE showed a cooldown in May. The pair’s trajectory has turned corrective after it came into the supply zone of 1.1010 from the May sell-off. A fall below the recent swing low of 1.0850 shook out the weak hands then a subsequent bounce off <strong>1.0835 </strong>next to the 30-day SMA might give the bulls a second chance. <strong>1.0940</strong> is the first level to crack and its breach would foreshadow a bullish continuation above 1.1010, confirming the bullish MA cross on the daily chart in the process.</p>
<h2>USDCAD finds support</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/03084730/USDCAD.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-204302 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/03084730/USDCAD.png" alt="Chart of USDCAD" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/03084730/USDCAD.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/03084730/USDCAD-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/03084730/USDCAD-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/03084730/USDCAD-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The Canadian dollar slipped after the economy narrowly avoided a contraction in April. A bounce above 1.3220 has prompted sellers to cover and eased the downward pressure. <strong>1.3290 </strong>from a previously brief rebound is the closest resistance should momentum carry on. Then the daily support-turned-resistance of 1.3350 which sits on the 30-day SMA is a critical ceiling to lift before the greenback could initi ate a broader recovery. On the downside, <strong>1.3200</strong> is the first support for the bulls to consolidate their gains.</p>
<h2>US 30 revisits recent peak</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/03084754/US30.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-204303 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/03084754/US30.png" alt="Chart of US30" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/03084754/US30.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/03084754/US30-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/03084754/US30-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/03084754/US30-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The Dow Jones 30 soared after US inflation showed signs of slowing down. After a brief pause under 34000, a jump above this psychological level has helped the bulls regain control of the short-term direction. June’s peak of <strong>34500 </strong>is a key resistance where the bulls may take some chips off the table. A bullish breakout could pave the way for an extension to a 14-month high of 35500. <strong>34050 </strong>is the closest support as the RSI ventures into the overbought area, and buyers may see a limited pullback as an opportunity to stake in.</p>
<p>The post <a rel="nofollow" href="https://www.orbex.com/blog/en/2023/07/intraday-analysis-usd-shows-weakness">Intraday Analysis &#8211; USD shows weakness</a> appeared first on <a rel="nofollow" href="https://www.orbex.com/blog/en">Orbex Forex Trading Blog</a>.</p>