Intraday analysis covering GBPUSD, AUDUSD, and NAS 100 breaks Resistance, focusing on short-term price action, key support and resistance levels, and intraday market momentum across major instruments.
GBPUSD hits double top
Sterling fell lower as the dollar regained some momentum after the pair hit a firm double top. Prices have held well following a fall lower as traders look for an established, solid support level.
- A break above the previous peak at 1.3630 would release further bullish optimism in the market.
- As the RSI ventures into neutral territory, a 60-pip drop would be the first target in case of a pullback.
- 1.3510 is the first support, with 1.3460 waiting on the horizon.
AUDUSD falling from peak
The Australian dollar met resistance at the previous swing high of 0.7260. A successive break above 0.7200 prompted sellers to cover their positions, leaving room for a further extension.
- With a bearish divergence emerging on the RSI, 0.7180 is the next support.
- Bulls might need to tread carefully as the American dollar gains strength across the board.
- Any signs of a reversal will need to move past the second resistance at 0.7300.
NAS 100 breaks resistance
Indices across the board jumped higher with signs of a potential peace deal to end the Middle Eastern conflcit.
- From the chart’s perspective, the index has pushed higher and remains above the 28000 level.
- 28800 is the target ahead if the continuation attracts more buyers.
- With a long-term bearish divergence still in play, bears will be looking for any signal of a turnaround, with 27600 being the first test.
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