By Orbex
AUDUSD seeks support
The Australian dollar struggles after cautious RBA meeting minutes.
The pair had failed to bounce back from the demand zone around 0.7250 which lies on the 61.8% Fibonacci retracement level of the August rally. Those who bought the dip may reverse their positions, exacerbating the bearish mood in the process.
0.7200 would be the next target. Its breach could send the Aussie to the daily support at 0.7105. On the upside, buyers will need to take out the resistance at 0.7315 before they could attract more followers.
USDNOK breaks resistance
The Norwegian krone weakens as oil prices make a retreat.
Free Reports:
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
Sign Up for Our Stock Market Newsletter – Get updated on News, Charts & Rankings of Public Companies when you join our Stocks Newsletter
The pair saw strong buying interest in the daily demand area near 8.5600. A breakout above 8.6500 has prompted sellers to cover their positions. A bullish MA cross indicates an acceleration in the rally.
8.8700 is a key resistance ahead and its breach may confirm a reversal above the psychological level of 9.0000. An overbought RSI may cause a limited pullback. 8.6500 is the immediate support. Further down, 8.5860 is critical in keeping the rebound valid.
NAS 100 tests key demand area
The Nasdaq 100 sees heavy profit-taking ahead of the Fed meeting this week.
The fall below the short-term floor at 15300 has triggered a fire sale on leveraged positions. Momentum traders have pushed the index towards the daily support around 14750.
A bearish breakout could jeopardize the bull run in the medium term. Buyers would then wait cautiously for price action to stabilize before stepping in.
An oversold RSI has caused a temporary rebound with 15280 as the closest resistance.
Article by Orbex
Orbex is a fully licensed broker that was established in 2011. Founded with a mission to serve its traders responsibly and provides traders with access to the world’s largest and most liquid financial markets. www.orbex.com
- COT Soft Commodities Charts: Large Speculator bets led by Corn & Soybean Oil Nov 16, 2024
- COT Stock Market Charts: Speculator Bets led by MSCI EAFE & VIX Nov 16, 2024
- The Dollar Index strengthened on Powell’s comments. The Bank of Mexico cut the rate to 10.25% Nov 15, 2024
- EURUSD Faces Decline as Fed Signals Firm Stance Nov 15, 2024
- Gold Falls for the Fifth Consecutive Trading Session Nov 14, 2024
- Profit-taking is observed on stock indices. The data on wages in Australia haven’t met expectations Nov 13, 2024
- USD/JPY at a Three-Month Peak: No One Opposes the US Dollar Nov 13, 2024
- Can Chinese Tech earnings offer relief for Chinese stock indexes? Nov 13, 2024
- Bitcoin hits an all-time high above $88,000. Oil remains under pressure Nov 12, 2024
- Brent Crude Stumbles as Market Sentiments Turn Cautious Nov 12, 2024
