Intraday Analysis – Aussie looking for reprieve
![Intraday-Analysis-Aussie-looking-for-reprieve](https://assets.iorbex.com/blog/wp-content/uploads/2024/01/22095235/Intraday-Analysis-Aussie-looking-for-reprieve.png)
AUDUSD breaks support
![AUDUSD chart](https://assets.iorbex.com/blog/wp-content/uploads/2024/01/22094203/AUDUSD-22-1.png)
The Australian dollar remains bearish after breaking through the 0.66 handle. A brief uptick could shift sentiment, however, a lift back to 0.6660 is required. This level sits on the 20-day moving average, making it a confluence area. A deeper correction would test the daily low at 0.6530. The sell side will need to keep momentum if prices reach November’s lows towards 0.63.
USOIL looking for direction
![USOIL chart](https://assets.iorbex.com/blog/wp-content/uploads/2024/01/22094242/USOIL-22-1.png)
WTI crude remains in a symmetrical triangle after losing confidence going into the new year. A close above the previous high of 73.00 has been short-lived with the rally hitting a roadblock at 74.15. A break below 72.65 could force leveraged buyers to bail out. Not all is lost, though, this might be a correction after a bearish RSI divergence could hint at exhaustion. 75.00 on the 20-day moving average saw renewed interest. 76.00 would be the bulls’ second layer of defence.
US 30 hitting more resistance
![US30 chart](https://assets.iorbex.com/blog/wp-content/uploads/2024/01/22094313/US30-22-1.png)
The Dow Jones 30 weakens as fewer jobless claims indicate a tight US labour market. The choppy consolidation around 37400 has proved to be a challenging level to crack. The price’s sharp reversal suggests that bears could still have the final word. A clean cut through 37600 then 37800 has put the bulls on the defensive, with the latter becoming a fresh resistance. The index is now setting its sights on more fresh highs. The RSI’ oversold condition may attract some bargain hunters.