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Nasdaq 100 comes off 4-month high while EUR/USD resumes ascent and WTI stays sidelined
Nasdaq 100 comes off 4-month high amid US tariff uncertainty while EUR/USD resumes ascent and WTI stays sidelined as the US dollar weakens.
Nasdaq 100 comes off Thursday's high
The Nasdaq 100 is expected to remain below its four-month high at 21,611 on the last trading day of the month and may slip further over the coming days since this high has been accompanied by a lower high on the daily Relative Strength Index (RSI). It thus shows negative divergence which in most cases leads to at least a short-term correction against the prevailing trend.
The previous 21,464-to-21,483 resistance area, made up of the last couple of weeks' highs, may cap on Friday.
A slip through Thursday's 21,261 low may put the 3 March high at 21,074 back on the plate. If slipped through last week's low and the April-to-May uptrend line at 20,778-to-20,734 may be revisited as well. Failure there would probably engage the 200-day SMA at 20,351.
Further down lie the 21,073-to-20,975 late January-to-early March daily lows which may also offer support.
Were Thursday's high at 21,611 to be exceeded, the early January high at 21,703 would be eyed.
EUR/USD recovers from Thursday's low
EUR/USD has bounced off Thursday's $1.1211 low and thus resumes its advance but is losing short-term upside momentum below last week's $1.1418 high. This level as well as the $1.1425-to-$1.1440 23-to-29 April highs need to be exceeded for the resumption of the medium-term uptrend to be validated. If so, the 11 April high at $1.1473 should be next in line ahead of the April peak at $1.1573.
While Thursday's low at $1.1211 underpins, the short-term uptrend is deemed to be intact. If fallen through, a slide towards the $1.1131 mid-May low may unfold instead.
WTI still range trades
For the past few weeks the WTI crude oil price has been sidelined and remained below its late April-to-May $63.86-to-$64.83 per barrel highs but above its $60.11 mid-May low.
The lows seen since mid-May at $60.11-to-$60.06 act as floor for now. Failure there may lead to the mid-April low at $59.90 being back in sight, ahead of the 4-year April-to-May $55.39-to-$55.15 lows. These lows represent strong support, though.
A rise above Thursday's $63.04 high and the 55-day SMA at $63.23 may lead to the key $63.86-to-$64.83 resistance area being revisited.
At present further, mainly low volatile, sideways trading seems to be at hand.
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