Forex Trading Library

Intraday Analysis – Nasdaq struggles for catalyst

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EURGBP awaits breakout
EURGBP chart 6-10-23

The euro dipped as ECB policymakers reaffirmed the peak rate in the current tightening cycle. Sentiment has improved after a tentative break above July’s peak of 0.8700. The pair is now consolidating its gains over the 20-day SMA which coincides with a demand zone next to the swing low of 0.8640. A deeper drop would expose the round number of 0.8600. The close above the supply zone 0.8690-0.8700 would flush out the remaining selling interests and propel the single currency towards May’s high of 0.8830.

XAGUSD tries to stabilise
XAGUSD chart 6-10-23

Silver steadies as the US dollar retreats ahead of nonfarm payrolls. As the precious metal grinds the demand zone from last March’s low next to the psychological level of 20.00, the RSI’s oversold condition on the daily chart might give the buy side a respite, causing a bounce as the opposite side takes some chips off the table. Most bulls may still be sitting on the sidelines waiting for signs of stabilisation. The triple bottom at 20.70 is the latest support and only a rise above 21.80 would ease the mood and prompt more sellers to exit.

NAS 100 builds base
NAS-100-chart 6-10-23

The Nasdaq 100 licks wounds as investors ponder the impact of September’s job data on the Fed’s policy. After hitting resistance at 14900, the latest rebound came to a rest at 14440, forming a double bottom. This suggests that the bulls have not given up yet and are still probing for support and looking to make a comeback. A break above said resistance would force bears to cover and trigger an extended rally towards 15300. On the downside, 14250 is a key level to keep the index from sinking into a deeper correction.

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