Intraday Analysis – EUR Loses Momentum

Intraday charts show EURUSD losing momentum, AUDUSD breaking support after the Fed's cash rate decision, and NAS 100 hitting new highs.

AUDUSD breaks another support
AUDUSD chart : AUDUSD breaks another support as the US dollar gains strength after the Fed held its cash rate

The US dollar continues to gain traction across the board after the Fed held its cash rate. The current rebound from the 0.6700 top has kept momentum to the downside. Now that buyers are seemingly out of the picture, the path is straightforward for an extension to 0.6560 with 0.6600 as an intermediate resistance. The recent rally might need breathing room as the RSI falls from the overbought area, with 0.6680 being a fresh resistance.

EURUSD pushes towards recent low

The greenback bounced against its main competitor as prices broke the 1.0800 handle again. The pair has been inching higher and lower since the fallout of the CPI and FOMC projections in the last few sessions. 1.0720 is the next hurdle for bears, and as the RSI ventures again into the oversold area, the recent double bottom could serve as firm support. 1.0840 is a crucial level should a turnaround begin.

NAS 100 hits another high

The Nasdaq closed at another record as investors see a path to clarity for the Fed. The chart shows that the price reached 19850 as bullish momentum kept attracting buyers. However, a bearish RSI divergence could indicate a deceleration in the rally and might lead to a pullback if traders start to take profit. 19300 is the closest support at the recent gap, and its breach would send the index to 19000 at the end of a previous consolidation. A close back above 19600 would resume the climb to another high.

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