Forex Trading Library

Intraday Analysis – Nasdaq Bounces Back

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The NASDAQ 100 begins to rebound
The Nasdaq 100: Surges past 17000, targets 17400 and 18000, with support at 17200

The Nasdaq 100 surged as megacap tech companies reported upbeat results. The near-term outlook remains upbeat after the price cleared the 17000 barrier. As a fresh bullish drive takes out 17400 and weakens the selling impetus, a close above 18000 would pave the way for a bullish continuation to another record high. With the RSI bouncing from the oversold area, 17200 is the first support.

NZDUSD tests critical floor
NZDUSD: Hovering above 0.5900, eyes 0.6060 resistance, with support at 0.5870.

The Kiwi advanced as the balance of trade data returned into positive territory. The pair hovers above the psychological level of 0.5900 as dollar buyers struggle to maintain their gains. Rebounds have been capped so far which indicates growing upward momentum. Further bullish moves would trigger a firm move towards 0.6060. On the downside, 0.5870 is the first support and only a close below 0.5820 would turn sentiment around.

EURJPY hits multi-year highs
EURJPY: Hits multi-year highs above 165.00, potential support at 164.60 and 163.50.

The euro continues its bullish trend after positive PMI data emerged from the bloc. On the chart, the single currency rose above 165.00, its highest level since 2008. With prices trading much higher than the 20-day SMA, this suggests a strong bullish trend in long and short-term perspectives. Bears will need a break below the recent surge at 164.60 to calm the bulls, which could then open up 163.50 at the base of the previous swing high.

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