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
- 3 Signs of Developing U.S. Economic Slowdown Apr 19, 2024
- Israel has retaliated against Iran. Investors run to safe assets Apr 19, 2024
- Gold hits record high amid growing geopolitical tensions Apr 19, 2024
- The US natural gas prices fell to a 2-month low. A drop in the technology sector on Wednesday had a negative impact on the broad market Apr 18, 2024
- Target Thursdays: Cocoa, Bitcoin and USDCHF hit targets! Apr 18, 2024
- British Pound shows signs of recovery amid favourable inflation data Apr 18, 2024
- Indices decline amid hawkish comments from the Fed. Investors are waiting for Israel’s answer Apr 17, 2024
- EURGBP: Slams into support on hot UK inflation Apr 17, 2024
- Brent crude prices dip amid concerns over global demand Apr 17, 2024
- Stock indices sell-off amid rising geopolitical tensions in the Middle East. China’s GDP grew the most in a year Apr 16, 2024