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Nasdaq 100 expected to recover while EUR/USD loses upside momentum and WTI remains sidelined
Nasdaq 100 expected to recover while EUR/USD loses upside momentum and WTI remains sidelined as US President Trump delays European tariff threat.
Nasdaq 100 expected to short-term recover
The Nasdaq 100 is expected to at least short-term recover from Friday's low at 20,778 towards the 21,200 region.
Further up lies the 21,464-to-21,483 key resistance area which consists of the last couple of weeks' highs.
Were this resistance area to be exceeded, the early January high at 21,703 would be targeted.
A slip through Friday's 20,778 low may lead to the 21,408 April-to-May uptrend line and the 200-day simple moving average (SMA) at 20,305 being in sight. Further down lie the 21,073-to-20,975 late January-to-early March daily lows which may also offer support.
EUR/USD loses upside momentum
EUR/USD continues to advance but is beginning to lose some upside momentum marginally below its $1.1425-to-$1.1440 23-to-29 April highs which may act as resistance. If bettered 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 $1.1256 underpins, the short-term uptrend is deemed to be intact. If not, a slide towards the $1.1131 mid-May low may ensue instead.
WTI remains sidelined
For the past few weeks the WTI crude oil price has been range bound and stayed below its late April-to-May $63.86-to-$64.83 per barrel highs.
The lows seen since mid-May at $60.11-to-$60.06 act as minor support. 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.
A rise above Monday's $60.11 high could lead to the 55-day SMA at $63.55 being revisited, ahead of the key $63.86-to-$64.83 resistance area,
For now WTI range trades above last week's $60.11 low but below its April-to-May resistance line at $62.73.
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