By Orbex
USDJPY breaks higher
The US dollar inched higher after November’s core PCE jumped to 4.7%. A break above the supply area near 114.20 indicates that the bulls have gained the upper hand.
As sellers rush to the exit, the pair may enjoy solid support above the former resistance at 114.05. An overbought RSI has temporarily limited the initial breakout range.
After a short accumulation phase, the bulls may have an unobstructed path towards the psychological level of 115.00. That is a major hurdle right under the previous peak.
USDCAD retreats to daily support
Free Reports:
Sign Up for Our Stock Market Newsletter – Get updated on News, Charts & Rankings of Public Companies when you join our Stocks Newsletter
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.
The Canadian dollar bounces back as GDP growth gained traction in October. The US dollar is struggling for support after its tentative break above the August high at 1.2950.
A retreat below 1.2900 has led traders to dump leveraged positions. The pair is testing the daily support at 1.2760 which lies along the 30-day moving average. And this makes it an area of interest for the bulls to attempt a rebound.
1.2920 is a fresh resistance ahead. A deeper correction may send the greenback to 1.2650 near December’s lows.
US 100 completes V-shaped recovery
The Nasdaq 100 continues to recover as improved economic data outweigh covid concerns.
The index has met solid buying interest near 15600. This used to be a supply zone from last September. Since then it has recouped losses from the recent liquidation.
The RSI’s overbought situation may cause a brief pullback while short-term traders take profit. 16170 is the closest support and 15850 is another layer of defense. On the upside, a break above 16460 could extend the rally to the all-time high at 16770 and beyond.
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
- USDJPY bulls venture into intervention zone Nov 20, 2024
- The PBoC kept interest rates. The escalating war between Ukraine and Russia is negatively affecting investor sentiment Nov 20, 2024
- AUD/USD Consolidates After Recent Gains Nov 20, 2024
- The RBA will maintain a restrictive monetary policy until the end of the year. Nov 19, 2024
- Safe-haven assets rally on nuclear concerns Nov 19, 2024
- Gold Rebounds Amid USD Weakness and Geopolitical Uncertainties Nov 19, 2024
- RoboForex Receives Best Introducing Broker Programme Award Nov 18, 2024
- The hawkish attitude of FOMC representatives puts pressure on stock indices. Oil is growing amid escalation in Eastern Europe Nov 18, 2024
- AUD/USD Stabilises Amid RBA’s Hawkish Outlook Nov 18, 2024
- COT Metals Charts: Speculator Changes led lower by Gold & Platinum Nov 17, 2024
