Forex Trading Library

Intraday Market Analysis – Nasdaq attempts to recover

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USDCHF tests major support


The US dollar slipped after data showed a rise in initial claims for unemployment benefits. The price is testing last April’s low near 0.9200 after giving up all the gains from the breakout rally eight months ago. This means that the greenback is at a critical level as a deeper fall would cause a bearish reversal in the medium-term.

On the hourly chart, the latest rebounds hit resistance at 0.9345, forming a double top in the process. 0.9290 would be the first hurdle to lift before a recovery could materialise.

NZDUSD bounces back


The New Zealand dollar recovers thanks to an uptick in overall risk appetite. After the pair cleared the August high of 0.6460, sentiment favours the kiwi as it goes into a consolidation mode. A bounce off 0.6230 indicates that buyers have stepped in and a close above 0.6330 has prompted short-term sellers to cover their bets. 0.6300 has become a fresh support. The support-turned-resistance at 0.6400 is a major obstacle and its breach could help the bulls regain control and extend the rally beyond 0.6500 eventually.

NAS 100 tests critical floor


The Nasdaq 100 bounces as signs of a cooling US labour market eases concerns about a hawkish Fed. On the daily chart, a U-turn from mid-September’s sell-off point (12200) was disconcerting. With the price having retraced all the way back to the start (10620) of the November rally, the index could be vulnerable to renewed selling. A break below 10450 would confirm a dead cat bounce and cause a sustained bear market. 11130 is the first resistance and 11280 a key level to lift before buyers could turn the situation around.

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