Intraday Analysis – The Dollar Awaits Fed’s Signal

The US dollar gained over 80 pips as traders prepared for a dovish Fed testimony. A drop below 1.0930 shows strong bearish intent that the greenback is recovering. As the RSI dropped into oversold territory, a bullish divergence threatened to end the bear run. A close below the February low of 1.0700 would reinforce the downward bias and open the door to extending the supply zone to around 1.6500.

USDCAD bounces back

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The Equities have recovered in Europe as investors reposition ahead of the Fed decision. A surge above last week’s high of 7700 has alleviated the pressure on the FTSE 100, but the sell side is not safe yet. 7780 is a key resistance where new sellers could drive the bids lower. 7720 is fresh support in case of further hesitation, and a break back into the channel can see bids fall towards 7580.

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Market Strategist at Orbex David Kindley is a renowned fundamental analyst with over 10 years of trading experience in the financial markets. With a keen eye for macroeconomics and a special focus on trading psychology, David is passionate about helping everyday investors make informed trading decisions through his thorough research and analysis.

منبع: https://www.orbex.com/blog/en/2024/03/intraday-analysis-the-dollar-awaits-feds-signal

EURUSD hitting resistance

The Canadian dollar slipped as robust US data continues to lift the greenback. Overall, sentiment remains upbeat from the daily chart’s perspective. A break above 1.3500 over the 20-day SMA has again caught buyers’ eyes. A successful rebound would keep the greenback on the front foot. 1.3560, right under the recent peak of 1.3600, is a crucial hurdle and its breach would extend gains towards 1.4000.

UK 100 jumps out of bullish channel

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