(Nasdaq)NAS 100 another day, another record
The (Nasdaq)NAS 100 is the gift that keeps on giving as the tech-heavy index enjoys another bull run thanks to stocks such as Microsoft and Meta. The strength in chip stocks is pushing technology prices higher, as well as the indices, thanks to a progressive earnings season. Will there be a slowdown, or can prices keep on hitting record after record? The index is currently hovering under 23500, with 23000 serving as immediate support.
USDCAD pushes higher as Fed holds firm
The American Dollar has made further progress against most of its competitors after the Fed held its rates steady last week. As this week’s unemployment figures coming out of Canada are expected to be muted, the greenback could push to another fresh peak in the process. In addition, the Central Bank of Canada will need to tread carefully as any signs of weakness in the economy could cause more of a sell-off. The pair is testing the top at 1.3900 with 1.3750 as a fresh support.
XAUUSD finds momentum
The precious metal market holds firm as traders digest the recent Fed decision along with the NFP numbers. Traders continue to watch for further clues from Jerome Powell’s testimonies as to which way the next few months will go until the end of the year. With prices losing over $100 in value over the past couple of weeks, gold could lose its shine once again and fall below 3250, with 3330 as the closest target higher.
Test your forex and CFD trading strategy with Orbex
The post The Week Ahead – the Dawn of Recovery appeared first on Orbex Forex Trading Blog.