Intraday Analysis - Friday, Sept. 4

GBPUSD finds a bounce 

Cable moved higher after finding support just below 1.3500.

• A break below that level previously put the bulls on the defensive.

• The pound looks for an uptrend as buyers re-enter the market.

• 1.3550 is the next stop and is a critical resistance to prevent a deeper sell-off.

• A bearish divergence on the RSI could lead to a slight pullback, as 1.3470 remains an important floor.

USDCAD crashing lower

The American dollar continues to lick its wounds after a freefall led the pair over 150 pips lower.

• After a tentative consolidation, a bounce off 1.3760 signals that buyers are trying to hold on.

• A retest and a breach of the major obstacle of 1.3800 would flush out some sellers and potentially extend prices towards 1.3880.

• A fall below 1.3760 would invalidate the rebound and send the pair towards 1.3700.

GER 40 remains pressured

The Dax continues its bearish stance even after a slight lift in price action.

• A close below the previous swing low of 26000 exposed more pressure to the index.

• Overall sentiment has remained downbeat despite a temporary upswing.

• 26300 becomes the latest resistance level to turn things around.

• On the downside, 25800 is a key support, with 25500 on the radar.