Intraday Market Analysis – NASDAQ In Consolidation

NAS 100 tests new resistance


The Nasdaq 100 slipped after the Fed meeting minutes raised odds for tapering. The fall below 14880 has triggered strong bearish momentum as leveraged buyers were forced to close their positions.

The market remains cautious while the RSI rises back from an oversold situation. A rebound could be short-lived unless it lifts offers near 15040.

A lack of support may send the index to the critical support at 14600 on the daily chart. A breakout could trigger a bearish reversal in the medium term.

AUDJPY sees limited bounce


The Australian dollar struggles as jobs data suggest fewer people looking for work amid lockdowns.

The pair is heading towards 77.50 as momentum traders took over control of price action.

The divergence between the 20 and 30-hour moving averages suggests an increase in the sell-off. Sentiment would stay downbeat as long as the Aussie is below the averages.

Though a limited bounce is likely to let the RSI return to the neutrality area. The bears would be eager to add stakes near the resistance at 79.50.

USOIL drops to daily support


Oil prices plunge amid concerns over weaker demand and higher US inventories.

The downtrend picked up steam after WTI fell below the double bottom at 65.20. Last May’s low at 61.70 is major support from the daily time frame.

As the RSI recovers from an oversold situation, traders could be waiting to buy the dip in the demand zone. However, its breach could threaten the 16-month long rally.

On the upside, buyers will need to clear 67.50 before they could expect a meaningful rebound.

About the Author
“John Benjamin Resident Analyst at Orbex. John has over 8 years of experience specializing in the currency markets, tracking the macroeconomic and geopolitical developments shaping the financial markets. John applies a mix of fundamental and technical analysis and has a special interest in inter-market analysis and global politics.” [space height="10"] At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading. Please Director at Visit our site for more details.

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