Intraday Market Analysis – NASDAQ Struggles To Rebound

January 14, 2022

By Orbex

US 100 revisits major support

NAS 100

The Nasdaq 100 faltered after an unexpected rise in US initial jobless claims. The tech index bounced off the demand zone around 15200 which used to be a resistance on the daily chart.

A bullish divergence revealed a slowdown in the sell-off momentum. The latest break above 15820 prompted some sellers to cover but came under pressure at 15980.

After intraday traders took profit, 15200 is a critical support to keep the rebound relevant. A deeper correction would send the price to 14900.

EURGBP stuck in bearish trend


The euro rose after ECB Vice President Luis de Guindos said the inflation spike may last longer than projected.

Nonetheless, the bearish sentiment still prevails after the pair failed to hold on to 0.8370. The former support has now turned into a resistance. The current consolidation could be a distribution phase and a drop below 0.8325 could send the price to February 2020’s lows near 0.8290.

Free Reports:

Top 5 Companies Added to Our Stock Watch List this Quarter - Here are the Stock Symbols that stood out so far in the fourth quarter of 2021.

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.

On the upside, the bulls have the challenging task of lifting offers around 0.8370 and then 0.8415 before they could attract more followers.

XAGUSD tests major resistance


Silver extends its recovery on the back of a weak US dollar. The metal saw support at the psychological level of 22.00.

A break above the resistance at 22.80 and then an acceleration to the upside indicates strong buying interest. An overbought RSI has temporarily held the rally back.

The bulls are testing the daily resistance at 23.40. A breakout could shake sellers out and trigger a reversal above 24.00. On the downside, buyers could be lurking around 22.60 in case of a pullback.

Orbex-LogoArticle 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.