Intraday analysis covering NZDUSD, EURJPY, and NAS 100 begins to rebound, focusing on short-term price action, key support and resistance levels, and intraday market momentum across major instruments.
NZDUSD tests critical floor
The Kiwi spiked lower, as the pair hovers around the psychological level of 0.5900, amid dollar buyers struggling to hold on to their gains. Rebounds have been capped so far, which could indicate growing upward momentum.
- Further bullish volatility would trigger a firm move above 0.5880.
- 0.5970 at the previous swing high would be the next target.
- A break at the recent bottom of 0.5820 is a critical support to prevent prices from dropping to the lower 0.5700 region.
EURJPY stuck in consolidation
The euro continues its sideways trend as price action looks for direction.
- On the chart, the pair remains above 183.70, which remains a critical support.
- With prices stuck in a channel for the last few days, a short-term breakout is imminent.
- Bulls will need a break above 185.30 to calm the nerves, which could then open up 186.00 at the top of the previous swing high.
NAS 100 begins to rebound
The Nasdaq continues its recovery after sliding, as Nvidia’s earnings report failed to give the indices a boost.
- The near-term outlook remains upbeat after the price remained above the 29000 barrier.
- Some consolidation could ensue as price action looks for the next direction.
- A fresh bullish drive needs to take out 29615 to weaken the selling impetus.
- With the RSI bouncing from overbought territory, 27600 is the first support level, with 26000 a critical floor.
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