Intraday Analysis – Nas100 Hits Another Record

NAS100 bounces higher

The Nas100 hits another fresh high as investors pile into Nvidia and AI-related stocks. A rise above the resistance of 18400 indicates robust buying interests as bears struggle to contain the rebound. Even though the hourly price action might be choppy, the directional bias remains upward. 18000 is fresh support, and a close above the round number of 19000 would propel the index to 19400.

USDJPY breaks psychological hurdle

The US dollar steadily returned after breaking the previous resistance at 156.60. A bounce above the 20-day SMA of 156.00 has put the dollar back on track as selling interests stepped aside. 157.80 is the next stop before a test at the recent false spike above 159.00 can be validated. 155.25 is the first support as the RSI ventures into overbought territory, with 153.80 being the bulls’ second layer of defence.

AUDUSD falling from the peak

The Australian dollar remained under pressure after falling from its latest peak. A drop below the daily support of 0.6650 has invalidated the rebound from earlier this month, driving up the selling pressure. As the RSI turns oversold, 0.6470 at the start of a breakout rally earlier this month is the area to see if buyers will re-emerge. 0.6670 from the previous swing high is the first hurdle to lift to stop the downturn.

 

Test your trading strategy on forex and stocks with Orbex

OPEN LIVE ACCOUNT