Intraday Analysis – USD makes comeback
![USD makes comeback](https://assets.iorbex.com/blog/wp-content/uploads/2023/09/21075532/Intraday-10-1.png)
NZDUSD turns south
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The US dollar soars as the Fed is yet to signal the end of its tightening cycle. A series of higher lows from 0.5860 indicated growing pressure from those who bought at the 10-month low. But after hitting resistance at 0.5985 near the base of a sell-off in early September the kiwi fell through the immediate support of 0.5930, denting the momentum and turning 0.5950 into a resistance. 0.5890 at a previous consolidation is the next support level and further down, a drop back below 0.5860 could trigger a new round of sell-off.
EURGBP tests key resistance
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The pound fell after both CPI and retail sales data came out below expectations last month. The latest surge has put the August high of 0.8670 within reach. A break above this major obstacle would flush out the remaining bears and pave the way for a broader bounce to 0.8800 in the medium-term. As the RSI retreats into the neutral area, 0.8610 at the origin of the momentum is the first level to gauge the strength of follow-up interests. A failure to hold would expose the swing low of 0.8570 next to the moving averages.
NAS 100 to revisit daily support
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The Nasdaq 100 plunged after the Fed hawkishly hinted at a further rate increase by the end of the year. The index has struggled to secure a footing over 15070 near the base of a momentum rally at the end of August and a limited sideways action failed to clear 15260. A subsequent bearish breakout shows that the path of least resistance is down, invalidating the September rally and forcing more bulls out of the game. The demand zone 14700-14800 could be their last chance to prevent a bearish reversal on the daily chart.