NAS 100 snaps lower
The Nasdaq falls after losing momentum following recent earnings calls for the big Tech companies. On the chart, bulls have not capitulated just yet. However, they will need to hold onto 19500 in order to avoid a deep correction. The price is looking to secure a base at the recent bottom at 19850, and a subsequent jump back above 20000 could put the index on a path of recovery. In case of a retracement, 19500 and then 19000 will be the catalysts for another sell-off.
NZDUSD finds support
The US dollar as the Kiwi finally found some support after a month-long sell-off. The pair is attempting a recovery, which is a vital sign that buyers are not out of the game yet. A close above the recent peak of 0.5990 could extend a potential rally to 0.6080 as sellers would begin running for the exit. The psychological level of 0.6000 is the first target to maintain the momentum. On the downside, 0.5950 would be a critical support in case of a further sell-off.
USOIL covers the gap
WTI bounced back as global tensions came back into the headlines as price action looked to cover last weekend’s gap. The price has pulled back its 4% loss from last week, and this is an important area to keep the potential rally intact. The psychological level of 70.00 is a firm support to turn the short-term mood around and keep buyers in the game. Then, a rise above 73.00 might open the door to a bullish continuation. On the downside, the base of the recent gap at 67.00 is a critical floor to prevent a reversal.
