(NAS 100) The Nasdaq moving higher
(NAS 100) The Nasdaq snapped back after sliding to a new low in recent sessions. A significant bounce has led to further buying above 25000 and a subsequent move above 25400. From a daily chart perspective, this means the index could be in for a prolonged extension, with the psychological level of 26000 as a potential target. The RSI’s move towards the overbought area could trigger a brief pullback to 25200 if buyers take some chips off the table.
EURUSD struggles to break free
The Euro attempts to fight back after weeks of pressure from the greenback. Despite a test at 1.1600, short-term failure from buyers to hold onto their gains reveals their weak commitment. A breach of 1.1600 would raise volatility and signal a bullish continuation towards the recent peak at 1.1650, forcing sellers to liquidate. On the downside, 1.1560 is the first support to clear for dollar buyers as the pair looks to retreat towards new lows.
USDJPY grinds lower
The Japanese yen recovered some ground after moving away from its recent peak at 157.50. On the chart, the round number of 154.00 is an intermediate hurdle for bears to clear as the RSI creeps into the oversold zone. Further down, 153.80 would be the bulls’ second layer of defence if the correction continues. Follow-up bids are expected at 156.50, which could give some bulls the advantage if there is a break above 155.80.
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