Nasdaq 100, EUR/USD remain bid while WTI surge encounters resistance
Technical analysis of the Nasdaq 100 and EUR/USD as they remain bid while Monday’s WTI surge encounters technical resistance.
Macro update
Global equities steady:
Major equity index futures were broadly flat in early trade, with the S&P 500 and Nasdaq 100 little changed and European markets showing mixed performance.
Yen firms on intervention rhetoric:
The Japanese yen strengthened against the US dollar and other major currencies after renewed warnings from authorities, with thin holiday liquidity amplifying the move.
Oil prices hold range:
Crude markets were largely unchanged as concerns over excess supply were offset by ongoing geopolitical risks linked to Venezuelan and Russian export routes.
RBA flags upside inflation risk:
Minutes from the Reserve Bank of Australia (RBA) showed policymakers discussing the possibility of a rate hike in 2026, while stressing that more data are needed to assess the durability of recent inflation pressures.
UK momentum continues to soften:
Recent economic releases point to weak growth and a cooling labour market, reinforcing expectations that the Bank of England (BoE) will continue to ease policy.
Precious metals at record highs:
Gold, up more than 3% since the start of the week, climbed to a fresh record near $4,500.00 per ounce, while silver surged to a new all-time high around $70.00.
Nasdaq 100 is gunning for the 27,800 region
The Nasdaq 100 is seen heading back up towards its 25,835 current December high, while the 55-day simple moving average (SMA) at 25,201 underpins.
If slipped through, the area between the 22 September high and 22 October as well as 7 November lows at 24,782-to-24,604 may be revisited.
Minor resistance sits around the 25,554 22 December high.
Short-term outlook:
Bullish while above the 55-day simple moving average (SMA) at 25,201
Medium-term outlook:
Bullish while above the 17 December low at 24,468
Nasdaq 100 daily candlestick chart
EUR/USD resumes its ascent
EUR/USD continues to rise and is fast approaching last week's near three-month high at $1.1804. Above it still beckons the 23 September high at $1.820.
Potential slips may find support in the $1.1769-to-$1.1763 region.
Short-term outlook:
Bullish while above $1.1703.
Medium-term outlook:
Bullish while above $1.1615, targeting the $1.1919 September peak.
EUR/USD daily candlestick chart
WTI probes resistance line
WTI's strong bounce off its $54.98 per barrel near four-year low is flirting with the breached October-to-December support line - now because of inverse polarity a resistance line - at $58.74.
If overcome, the 24 November high at $59.06 may be reached next.
Good support sits in the $57.10-to-$56.98 region.
Short-term outlook:
Bullish while above the 19 December low at $55.61.
Medium-term outlook:
Bearish while below the $60.50.
WTI daily candlestick chart
Important to know
This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
Connect with us
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money.
Professional clients trading spread bets and CFDs can lose more than they deposit.
Options and futures are complex instruments which come with a high risk of losing money rapidly due to leverage. They’re not suitable for most investors. Before you invest, you should consider whether you understand how options and futures work, the risks of trading these instruments and whether you can afford to lose more than your original investment.
Trading stocks and shares ‘on margin’ within a US options and futures account – meaning that you only finance part of the cost of acquiring a position in a security – carries additional risks over buying securities on a fully funded basis and may result in losses exceeding your original investment. Trading on margin will also result in additional costs to you as the investor and any securities purchased using margin may be held as collateral by the lender, restricting both your rights as shareholder, and your ability to use the securities until the margin trade is closed. You should familiarise yourself with these risks before trading on margin.
The value of shares, ETFs and other ETPs bought through a share dealing account, a US options and futures account, a stocks and shares ISA or a SIPP can fall as well as rise, which could mean getting back less than you originally put in. Past performance is no guarantee of future results. Some ETPs carry additional risks depending on how they’re structured, investors should ensure they familiarise themselves with the differences before investing.
Share dealing and IG Smart Portfolio accounts provided by IG Trading and Investments Ltd, CFD accounts and US options and futures accounts are provided by IG Markets Ltd, spread betting provided by IG Index Ltd.
IG is a trading name of IG Trading and Investments Ltd (a company registered in England and Wales under number 11628764), IG Markets Ltd (a company registered in England and Wales under number 04008957) and IG Index Ltd (a company registered in England and Wales under number 01190902). Registered address at Cannon Bridge House, 25 Dowgate Hill, London EC4R 2YA. IG Markets Ltd (Register number 195355), IG Trading and Investments Ltd (Register Number 944492) and IG Index Ltd (Register number 114059) are authorised and regulated by the Financial Conduct Authority.
The information on this site isn’t directed at residents of the United States, Belgium or any particular country outside the UK and isn’t intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
