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.
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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
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