Nasdaq100 index tests resistance
The Nasdaq100 index recouped some losses as traders bet the Fed might leave rates unchanged at their next meeting. The index is trying to claw back some of the previous losses, but sentiment is still cautious. The spike at 20800 is a key obstacle where a breakout could ease the selling pressure and pave the way for another record high. However, sellers could be looking to sell into strength as the RSI remains neutralised. 20250 at the base of the latest bullish thrust is the closest support in case of a retracement.
EURGBP seeks support
The Euro steadied after a volatile bounce at the end of last week. The pair consolidates after moving towards daily support of 0.8250. Sentiment remains bullish for the pair as short-term buyers have preferred to keep prices lifted above 0.8300, which could propel a movement towards the recent peak of 0.8370. Should a rally ensue, 0.8440 at the top of the recent peak would be the next target.
XAUUSD pulling back
Gold found resistance after correcting as prices fell away from the recent peak at 2720. The price attempting to hold onto its previous gains after a rise from the trough at 2540. The daily RSI’s overbought condition might lead to a pullback to let the bulls take a breather before the next leg of the rally. 2640 is the immediate support, and a bounce above the psychological level of 2700 would signal a bullish continuation towards 2750.
