NAS 100 (Nasdaq) hitting support
The NAS 100 (Nasdaq) hits support as investors await catalysts from US labour data on Friday. The index is striving to hold onto its gains to hit another peak. A retreat below 21500 has forced some leveraged long positions out, denting the all-out bullish mood in the short term. The support area of 20800 could see some renewed buying interests, and the bulls will need to clear 21000 before they can push higher. Otherwise, a downward continuation would send the price into the 20000 range.
GBPUSD drifts lower
The dollar kept up its dominance over the pound as prices sank lower. Cable came under pressure after breaking through the 1.2500 level, and the drift south has since led more buyers to take profit. 1.2430 is a significant level to see if the bulls manage to maintain the upward bias in the near term. Otherwise, Sterling could see a deeper correction below 1.2300.
CADJPY still choppy
The Canadian dollar looks for direction against the Yen as price action remains sideways. On the chart, the pair is still in a lengthy consolidation after hitting the double top near the psychological level of 110.00. Sentiment would remain upbeat as long as the pair stays above the demand zone next to 109.40 and would ease the downward pressure. 108.60 could be the bulls’ last stronghold, and its breach could trigger a runaway rally towards the previous low of 106.80.
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