AUDUSD fails to rebound
The Australian dollar slipped on downbeat inflation expectations and unemployment rate. A break below the daily support of 0.6870 has put the aussie under pressure, with a sharp fall suggesting that a number of buyers have scrambled for the exit. Then a hesitant bounce has failed to secure a foothold above the psychological level of 0.7000, which indicates stiff selling pressure. The latest drop below 0.6860 shows that the bears have doubled down and the sell-off may resume towards 0.6800. 0.6930 is a fresh resistance.
NZDUSD drifts lower
The New Zealand dollar falls due to subdued risk sentiment across the board. On the daily chart, the pair is still trying to hold on to this year’s gains above 0.6190, an important level to keep the momentum going. A drop below 0.6270 suggests that there is room on the downside as short-term sentiment stays cautious. Bargain hunting could be expected in the demand zone around 0.6190. The support-turned-resistance of 0.6310 is the first hurdle and only a close above 0.6390 would improve the mood.
NAS 100 consolidates gains
The Nasdaq 100 struggles as worries about more rate hikes from the Fed linger. The consolidation has met bids over 12200, keeping this month’s breakout rally intact. A swing above 12670 eased some pressure and showed the bulls’ commitment in maintaining the upward bias. However, the RSI’s double top in the overbought area has so far limited demand as some might be wary of getting caught in a correction. 12200 is a key support as the RSI swings into the oversold area. 12650 has become a fresh resistance.
