Forex Trading Library

Intraday Analysis – Nasdaq Breaks Another Record

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XAGUSD hits resistance
Silver slides, facing resistance with support below.

Silver slides as the metal market generally continues to look for direction. Since the upsurge a few sessions ago, bears have halted any significant advance above 32.50, where firm resistance was set. For now, the rebound is likely to be driven by short covering. A close above the confluence of 32.00 and the 20-day SMA would attract more buying interest and send the metal to another fresh high above 33.00. 30.30 is the first support as the RSI returns to the neutral zone.

NZDUSD falling in reverse
NZDUSD breaking below support, with potential resistance above

The Kiwi slipped again after business confidence declined in the region. After breaking below the daily support at 0.6150, the pair struggled to find buyers. The directional bias remains down as a series of lower lows would continue to attract trend followers. The oversold situation on the RSI could alleviate some pressure, but prices will need a break above 0.6200 to continue the choppy nature of the recent price action.

NAS 100 hits fresh high
Nasdaq consolidating after a record high, targeting higher levels, with key support below.

The Nasdaq bounced higher as stocks making up the list continue to outperform. The index is now consolidating its gains above 18700 after another record high. As a show of force, the recent pullback has barely dented the upward momentum. Instead, trend followers saw it as an opportunity to buy in. A close above the recent peak 18800 would carry the index to 19500 with a potential extension. Further below, 18400 along the 20-day SMA is a critical floor.

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