By Orbex
AUDUSD tests major supply zone
The Australian dollar rallied after the RBA expected a return to growth in October’s meeting minutes.
The pair has met stiff selling pressure in the supply zone (0.7460) from the September sell-off. And the RSI is once again in the overbought area. Short-term buyers would be eager to take profit, driving the price lower in the process.
0.7380 is the first support and will test the bulls’ resolve. A bounce above the said resistance would trigger an extended rally. On the downside, a bearish breakout may cause a correction to 0.7320.
USDCHF sees limited rebound
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The US dollar recoups some losses supported by recovering Treasury yields.
The drop below the demand zone around 0.9230 has put the bulls under pressure. An oversold RSI has triggered the buy-the-dips mentality at the fresh support at 0.9200.
The buy-side will need to clear the hurdle at 0.9310 to reclaim control of the direction. Otherwise, the latest rebound may be an opportunity for the bears to sell into strength.
A new round of sell-off would send the pair towards the daily support at 0.9100.
NAS 100 tests resistance
The Nasdaq 100 rallies as investors seem to be feeling confident about the upcoming earnings.
A rebound above the psychological level of 15000 suggests strong buying interest in keeping the rally intact in the medium-term. The RSI’s overbought situation has temporarily held the impetus back. A retracement is likely to attract bids in the vicinity of 15050.
15400 is a major resistance from the daily timeframe and its breach may resume the uptrend above 15700. Failing that, 14800 is a key floor on the downside.
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
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