Intraday Analysis - Wednesday, August 12

USDCAD continues lower

The American dollar continued its journey lower as the sell-off shows no signs of stopping.

• The pair is struggling to stay afloat at the 1.3900 zone as sellers pile on the pressure.

• Buyers attempted to get back into the game after a brief consolidation.

• Failure to hold the 1.4000 level has now become a firm resistance.

• 1.3970 is the first resistance, with 1.4080 the target higher.

NZDUSD(New Zealand dollar) spikes lower

The NZDUSD(New Zealand dollar) looks to break out of the recent consolidation.

• A brief pullback after hitting 0.5900 gives hope for the greenback to turn around.

• The pair turns its attention towards the first support at 0.5850.

• A breach here could trigger a new round of liquidation towards 0.5780.

• 0.5900 remains the resistance to break as the RSI creeps lower.

XAUUSD waiting for the next signal

Gold continues to grind higher to push for another fresh high after falling short at 4400.

• The price is still in bullish mode after jumping over $300 since the start of the month.

• An overbought RSI could see a limited pullback, but all eyes are on a rally past 4400.

• A fall below the fresh support of 4320 would open the door to a move towards 4240.