(Nasdaq) US 100 falls lower
The (Nasdaq) US 100 fell again from record territory as stocks across the board are left licking their wounds. Despite this drop, the psychological level of 23000 has seen a buildup in buying pressure, and a subsequent pop above this area could clear out the sellers and force them to switch sides. As trend followers join in, they could see any fallback as an opportunity to buy. The index is on its way towards 22500, with 22250 as the next target lower.
AUDUSD looks to get back on track
The Australian dollar continues to climb after breaking through another hurdle. The pair has recovered from some of the recent decline and is on its way to test the 0.6500 psychological level. A break above this key resistance would open the door to 0.6560, which would be a step closer to a bullish reversal. In the meantime, an overbought RSI could cause a limited fall back, especially if intraday bulls decide to close some positions. 0.6420 would be the first support in this case.
USDCHF slowly retracing
The US dollar remains subdued as traders are still digesting signs of a weakened economy. On the chart, sentiment has turned from cautious to very bearish. A move below this month’s low of 0.8020 is a strong sign of liquidation as the remaining buyers scramble to exit the market. As the RSI shows a dramatic fall from the overbought territory, 0.7960 is the next level to see if any support would show up, and 0.8170 at the previous peak is the first layer of resistance to clear.
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