24 Aug

Intraday Market Analysis – NASDAQ Confirms Bullish Continuation

August 24, 2021

By Orbex

NAS 100 break to new highs

NAS100

The Nasdaq 100 surges as rising Delta cases may force the Fed to reconsider the tapering timeline.

Buyers have pushed into new highs after clearing the resistance at 15140. Bullish breakout candles suggest that sellers have rushed to cover while momentum traders bid up. This is a sign that sentiment remains upbeat and recent pullbacks were merely an accumulation phase for the bulls.

15500 would be the next target. 15130 near the former resistance would be the first support to let the RSI cool off the overbought zone.

EURUSD pushes towards resistance

EURUSD

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The US dollar softened after a drop in August’s Markit manufacturing and services PMI.

The pair’s break below the daily support at 1.1710 has put the bulls on the defensive. Though the RSI’s oversold situation triggered the buy-the-dips mentality going into the weekend.

The single currency has managed to lift 1.1740, opening the door to the key supply zone at 1.1800. A bullish breakout may initiate a reversal.

Otherwise, a drop below 1.1710 may keep the euro under water for an extended period of time.

NZDUSD attempts reversal

NZDUSD

The New Zealand dollar rose back after the Q2 retail sales beat expectations.

The RSI divergence was a giveaway that the bearish momentum was losing steam. The confirmation came in the form of a bullish MA cross and a breakout above 0.6860. Buyers may see sellers taking profit as an opportunity to rack up stakes.

0.6900 is a key resistance ahead as its breach may build the case for a reversal. Then the psychological level of 0.7000 would be within reach.

However, a fall below 0.6820 may send the price towards 0.6700.

By Orbex


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