Forex Trading Library

Intraday Analysis – Indices Powering to Record Highs

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EURUSD finds bullish route


After mixed CPI data, the US dollar steadied itself for the next Fed meeting. On the chart, the euro has bounced off the 20-day SMA as it sought to preserve its gains. A sharp break above 1.0970 has attracted momentum buyers, sending the pair towards 1.1000 which sits in the supply zone from the recent sell-off. As the RSI ventures into the overbought area, more buyers could see a pullback as an opportunity to tag along with 1.0960 as fresh support.

USDJPY testing triple top


The Yen fell back after hitting a firm double top at the high 145 area. The medium-term outlook still supports the recovery theme after the pair held 145.30. The recent choppy action below the mid-December high of 146 could be a mere consolidation phase even though short-term volatility cannot be ruled out. A break below 144.80 would lead to 143.50, forcing intraday bulls to reconsider. A close above 145.80 is needed to alleviate the downward pressure.

Nas 100 remains on trendNAS100

The Nasdaq continues to rally as investors remain risk-on. The rally further gained traction after it held to 16000 level. Strong momentum is a sign that bears are staying on the sidelines. Now, we are approaching the psychological 17000 mark, which could, at least in the short term, act as resistance. If we see any sign of exhaustion, this will bring 16,600 back into play, with a possible dive back down to 16200.

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