Intraday market analysis: Bullish turnaround

Jing Ren Orbex

NZD/USD recovers above daily MA

The New Zealand dollar gained support after the RBNZ kept its monetary policy unchanged.

The Kiwi has found an effective floor above the psychological level of 0.7000 after a week-long sideways action.

A breakout above the consolidation range (0.7070) has triggered a runaway rally as the short side scrambles to cover.

On the daily chart, the surge above the 30-day moving average suggests that the recovery could extend further if 0.7180 is lifted. 0.7045 is the immediate support in case of a pullback.

USD/JPY falls to medium-term support

The prospect of the Fed to maintain the low rate course continues to drive the US dollar lower.

On the daily chart, the pair has come under pressure at the psychological level of 111.00 while the RSI made a double top in the overbought area. The sell-off is heading towards the first major support at 108.40.

On an hourly chart, the RSI’s triple dip into the oversold territory could lead to a temporary rebound. 109.60 is the hurdle on the upside where intraday traders may look to sell into strength.

NAS 100 breaks into new high

Growth stocks are making a comeback as receding Treasury yields make risk assets attractive again. A bullish close above February’s high at 13908 suggests that buyers have returned.

The NASDAQ index may resume its uptrend as market sentiment improves.

After hitting the milestone at 14000 the market may take a moment to digest the new record high while the RSI falls back into the neutrality area.

The demand zone between the previous lows at 13670 and 13800 may be of trend followers’ interest.

Author

Jing Ren

Orbex

Jing-Ren has extensive experience in currency and commodities trading. He began his career in metal sales and trading at Societe Generale in London.

EUR/USD looks offered below 1.1900

EUR/USD keeps its bearish tone unchanged ahead of the opening bell in Asia, returning to the sub-1.1900 region following a firmer tone in the US Dollar. Indeed, the pair reverses two consecutive daily gains amid steady caution ahead of Wednesday’s key US Nonfarm Payrolls release.

GBP/USD slips back to daily lows near 1.3640

GBP/USD drops to daily lows near 1.3640 as sellers push harder and the Greenback extends its rebound in the latter part of Tuesday’s session. Looking ahead, the combination of key US releases, including NFP and CPI, alongside important UK data, should keep the pound firmly in focus over the coming days.

Gold declines to near $5,050, focus shifts to US jobs data

Gold price falls to near $5,045 during the early Asian session on Wednesday. Traders assess whether prices have found a floor following a historic sell-off. The delayed US employment report for January, which was pushed back due to the recently ended four-day government shutdown, will take center stage later on Wednesday.

Ethereum: Whales buy the dip amid rising short bets

Following one of Ethereum's largest weekly drawdowns, whales are slowly returning to action alongside a drop in retail selling pressure. After slightly selling into the decline at the start of the month, whales or wallets with a balance of 10K-100K ETH began buying the dip last Wednesday as prices crashed further.

Dollar drops and stocks rally: The week of reckoning for US economic data

Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.

XRP holds $1.40 amid ETF inflows and stable derivatives market

Ripple trades under pressure, with immediate support at $1.40 holding at the time of writing on Tuesday. A recovery attempt from last week’s sell-off to $1.12 stalled at $1.54 on Friday, leading to limited price action between the current support and the resistance.