Intraday Analysis – USD Holds Strong,The FTSE 100 Eyes Recovery
![Intraday Analysis: USD Holds Strong,The FTSE 100 Eyes Recovery](https://assets.iorbex.com/blog/wp-content/uploads/2024/02/16085754/Intraday-62.png)
UK 100 consolidates gains
![The FTSE 100 Chart: Illustrating consolidation of gains after UK recession confirmation, aiming for 7700 zone, with potential resistance at 7600 and support at 7500.](https://assets.iorbex.com/blog/wp-content/uploads/2024/02/16085721/UK100-chart-16-2-2024.png)
The FTSE 100 bounced back after confirmation that the UK fell into a technical recession. Prices now remain on an upward trajectory after bouncing off the 20-day SMA. In the medium term, the 7700 zone looks to be the aim after a straight week of declines saw the 7500 level being tested. But price action could struggle with the RSI showing signs of inaction as the index reaches the round number 7600. A pullback would allow the bulls to catch their breath, and 7650 will be the first level to be tested.
EURUSD continues the downtrend
![EURUSD Chart: Showing downtrend continuation with resistance levels at 1.0790 and 1.0815, support at 1.0685.](https://assets.iorbex.com/blog/wp-content/uploads/2024/02/16085618/EURUSD-chart-16-2-2024.png)
The US dollar continues its progression after the latest round of CPI data. The pair saw a slight bounce off 1.07 as traders looked for a new support level. However, the top of the rebound at 1.0750 showed a spike with an upper shadow, indicating rejection of the upside. The former demand zone around 1.0790 is the hurdle ahead, and only a close above 1.0815 would reignite hopes of a bullish reversal. Otherwise, a drop below 1.0685 would return the selling pressure and drive the euro towards 1.0600.
XAUUSD looks for reprieve
![XAUUSD Chart: Depicting gold's attempt at retracement after a $40 drop, with potential support at 1985 and resistance at 2015.](https://assets.iorbex.com/blog/wp-content/uploads/2024/02/16085650/XAUUSD-chart-16-2-2024.png)
Gold attempted a retracement after the $40 drop, which saw prices fall through the 2000 handle. The metal looks to have found a floor at 1985 after the RSI was majorly oversold. This has seen a slowdown in the downward momentum that saw gold hit multi-month lows. However, prices still seem precarious, with no confirmation yet of a turnaround, which would be a rise above 2015. In the meantime, 1990 could be the next stop if another sell-off ensues.
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