NZDUSD lifts recent high
The US dollar softened after the Atlanta Fed president’s comment that there is no need to push rates higher. The pair has recovered from its late September sell-off, which is a strong sign that buyers are not out of the game yet. A subsequent close above the recent peak of 0.6050 could extend the rally to 0.6110 as sellers scramble for the exit. The psychological level of 0.6000 at the base of the breakout is the first support to maintain the momentum. 0.5930 would be the bulls’ second layer of defence in case of further hesitation.
USOIL probes resistance
WTI crude bounces on worries about potential supply disruptions in the Middle East. The price has pulled back to the base of the September breakout rally around 81.00. This is an important demand zone to keep last month’s rally intact. The psychological level of 90.00 at the top of a brief uptick is the first resistance to clear to turn the short-term mood around. Then a rise above 93.00 might open the door to a bullish continuation. On the downside, 81.60 is a fresh support and 79.50 a critical floor to prevent a reversal.
NAS 100 recoups losses
The Nasdaq 100 advanced on Fed officials’ latest dovish comment. On the daily chart, the index is still in a pennant consolidation pattern, indicating that the bulls have not capitulated yet. The price has secured a base at the double bottom at 14440 and a subsequent jump above 14900 may have put the index on a path of recovery. 15250 is the next threshold to lift before the bulls could push to September’s high of 15600. In case of a retracement, 14770 would be the first to gauge the strength of follow-through bids.
