Forex Trading Library

Intraday Analysis: The NAS 100 Eyes Record Highs as USD Feels the Strain

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NAS 100 attempting another record high
The NAS 100 Chart: Chart showing NAS 100 performance and potential bullish momentum.

The Nas 100 keeps on track to maintain its bull run. After signals from the Fed dropped the index last week, a hold above 17500 has kept sentiment to the upside. A swing above 17800 will ease some pressure and show buying commitment in maintaining the upward bias. However, the RSI’s bearish divergence has so far limited demand as some might be wary of getting caught in a correction. 17000 is a key support if a sell-off begins, with the RSI heading towards oversold territory.

AUDUSD bouncing back
AUDUSD Chart: Chart depicting AUDUSD rebound and bullish movement.

The Australian dollar continues its fightback as the greenback begins to lose momentum. A bounce at the daily support of 0.6450 has put the Aussie back on the front foot. A move past the psychological level of 0.65 has kept the bull run going. As prices head for the next swing high at 0.6615, the first hurdle to clear is 0.6575. Selling pressure could creep in with the RSI creeping up to overbought territory. In this case, 0.6490 is a fresh resistance.

NZDUSD pushing for another top
NZDUSD Chart: Chart displaying NZDUSD upward push and resistance levels.

Much like the Aussie, the New Zealand dollar is also pushing higher. The pair is attempting another test on the chart at the failed breaks of the previous triple top. However, resistance at that level would suggest room for the downside. A fall below 0.6120 would cancel out the bull rally, and with a bearish divergence on the RSI, this could cause another sell-off. 0.6085 would be the next target for bears if a collapse back down to 60.40 ensues.

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