NAS 100 tumbles after exhaustion

Tech stocks slip as investors’ bet on a US recovery favors traditional sectors in their asset rotation.

The recent peak above 14000 could lead to a pullback as investors may think twice before chasing higher highs. A quadruple top near 14050 and a repeatedly overbought RSI are a sign of exhaustion.

After a halt at 13950 a breach below 13720 triggered a sell-off exacerbated by profit-taking. This would add pressure on traders who are still on the long side. 13340 would be the next support level.

NASDAQ

AUD/USD drops below consolidation range

The Australian dollar eased off following the RBA’s commitment to keeping the policy loose for another three years.

The pair has so far failed to overcome the supply area at 0.7820 on the daily chart. The two-week-long consolidation suggests a lack of conviction from the long side.

A bearish close below the lower band of the current range would trigger a sell-off as buyers try to bail out. 0.7675 could be temporary support.On the upside, 0.7766 is the first hurdle to lift before a recovery could carry on.

AUDUSD

NZD/USD falls from supply area

The New Zealand dollar clawed back some losses after the country’s unemployment rate dropped to 4.7%.

The pair is heading south after having met tense selling pressure near the daily resistance at 0.7300. Strong momentum below 0.7150 then 0.7125 is an indication that buyers are currently out of the picture.

0.7210 may cap a brief rebound after the RSI went into oversold. A fall below 0.7120 could deepen the correction.

NZDUSD

This market forecast is for general information only. It is not an investment advice or a solution to buy or sell securities.

Authors' opinions do not represent the ones of Orbex and its associates. Terms and Conditions and the Privacy Policy apply.

Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, level of experience, and risk appetite. There is a possibility that you may sustain a loss of some or all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Feed news

Latest Forex Analysis


Latest Forex Analysis

Editors’ Picks

EUR/USD hovers around 1.20 ahead of EZ PMIs, critical US data

EUR/USD is trading around 1.20 ahead of final eurozone services PMIs and the all-important ADP Nonfarm Payrolls and ISM Services PMI. The dollar is off the highs reached after US Treasury Secretary Yellen talked about rate hikes. 

EUR/USD News

GBP/USD trades around 1.39 amid political tensions

GBP/USD is trading around 1.39 as uncertainty about Britain's local and regional elections joins fresh Brexit tensions to weigh on the pound. US data is eyed later in the day.

GBP/USD News

GBP/USD trades around 1.39 amid political tensions

GBP/USD is trading around 1.39 as uncertainty about Britain's local and regional elections joins fresh Brexit tensions to weigh on the pound. US data is eyed later in the day.

GBP/USD News

Gold bulls remain on the defensive near $1,780

Gold prices recovered part of their losses from Tuesday’s low of $1,770.90 and seem to confide in the vicinity of multi-day resistance placed around $1,780. On the hourly chart, the pair is struggling to maintain intraday gains and is moving toward the session low of $1,776.80.

Gold News

S&P 500 correction arriving or not?

One more day of upside rejection in S&P 500, in what is now quite a long stretch of prices going mostly sideways. As unsteady as VIX seems at the moment, it doesn‘t flash danger of spiking in this data-light week, and neither does the put/call ratio. 

Read more

Majors

Cryptocurrencies

Signatures