Nasdaq 100 index hitting higher highs
The Nasdaq 100 index continued the rally as the aftereffects of a Trump victory and Fed rate cut rumbled on. The index is looking to hold above the 21000 level after jumping over a thousand points in a few short sessions. 19900 at the base of the latest bullish move is a significant level to hold, and a sustained bounce could attract further momentum buying and expose 21500. A drift below 20400 would dent the optimism and send the index back to the recent daily low of 20000.
EURUSD struggles for support
The US dollar showed no signs of slowing after breaking through the previous 1.0700 support. A breakback above the previous swing high of 1.0800 will offer buyers some relief by forcing sellers to cover some of their bets. The top of 1.0740 is a crucial hurdle to lift to confirm that the bulls have regained control. On the downside, a fall below 1.0650 would invalidate the short-term rebound impetus.
GBPUSD attempts to consolidate
Cable was also at the mercy of the greenback after progressive lower lows for most of October. The price is at a crossroads after hitting a double bottom at 1.2850, then met resistance at the support-turned-resistance of 1.3000. Renewed buying interests will need to hold their positions above 1.2960 to sustain the rebound, with a break above 1.3040 at the last swing high that could trigger a recovery. Failing that, a fall below the said double bottom would cause a deeper correction to 1.2700.
