USDJPY seeks support
The Japanese yen bounced after July’s retail sales report beat expectations. The latest rally has come to a halt at 147.30 and an initial drop below 146.40 has prompted intraday buyers to cut back their exposure. Increasing resistance could be felt as the dollar grinds the supply zone 147.00-148.00 from the start of last November’s liquidation. 145.50 at the base of last week’s continuation rally is the first level to expect trend followers’ bids and 144.60 over the 30-day SMA is a major floor to maintain the current momentum.
USOIL bounces higher
Oil prices advanced as inventories fell by more than expected last week. On the daily chart, the directional bias remains up with the commodity probing for support after a convincing break above April’s high of 83.30. A bullish RSI divergence at 78.00 was a sign of stabilisation. Subsequently, a series of higher lows and a close above the peak of a previous swing high (81.60) indicates a strong bullish drive. 83.00 might be the last key resistance and its breach could resume WTI’s recovery. 79.50 is a fresh support in case of a pullback.
SPX 500 breaks higher
The S&P 500 climbs as signs of a cooling US economy boost the rate-pause optimism. A surge above 4470 and then 4500 has forced sellers to cover, potentially putting the index back on track. A break above the support-turned-resistance of 4540 could trigger a bullish continuation. In the meantime, the RSI’s another venture into the overbought area may lead to a temporary retracement, which could be seen by the bulls as an opportunity to stake in as sentiment seems to be turning around. 4430 would be the closest support.
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- Source: https://www.orbex.com/blog/en/2023/08/market-analysis-usd-turns-lower
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