NAS 100(Nasdaq) driving higher
The NAS 100(Nasdaq) kept its cool as tame inflation data saw a drive on most indices across the board.
- Overall sentiment remains bullish, and trend followers would be eager to jump in for a move back towards the all-time high.
- The index could come across selling interest to push prices lower.
- 29500 is the closest support, and 30000 is the first obstacle to overcome.
- Any signs of liquidation could see a test around the 28200 area.
AUDUSD continues bull run
The Australian dollar moved another wave higher as traders digested yesterday’s inflation data.
- The pair continues to gain ground after clearing the 0.7000 level.
- 0.7040 is a crucial level to keep the rebound valid after the end of July sell-off.
- The RSI’s move towards the overbought region could cause some reprieve for sellers.
- Bulls will need to clear 0.7100 before they can hope for a meaningful continuation.
USOIL remains elevated
WTI crude shifts higher as geopolitical tensions ensue.
- A series of short-term upward breakouts indicates a stronger bullish bias, which could continue.
- The psychological level of 80.00 is the firm support if bears hope for a turnaround.
- A new high above 86.80 would attract more trend followers.
- 78.00 is a critical floor if prices lose momentum.
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