Nasdaq 100, WTI expected to slip while EUR/USD tries to find interim support
Technical analysis of the Nasdaq 100 and WTI as both are expected to slip amid profit taking and risk-off sentiment while EUR/USD tries to find interim support.
Nasdaq 100 comes off record high
The Nasdaq 100 seems to have failed to revisit last week's 26,182 record high and is beginning to dip on profit taking amid and ongoing US manufacturing contraction and uncertainty surrounding the Federal Reserve's (Fed) monetary policy.
A fall through the accelerated uptrend line and Monday's 25,888 low would likely engage the 30 October low at 25,733. Failure there may put the 10 October high at 25,195 back on the cards.
Were a rise above last week's record high at 26,182 to be seen, though, the 26,500 region might be in focus.
Nasdaq 100 daily candlestick chart
EUR/USD finds minor support
EUR/USD is seen bouncing off the minor psychological $1.1500 region and its $1.1499 three-month low.
The mid-October lows at $1.1542 are expected to be revisited and perhaps the late August low at $1.1574 too.
Since the downtrend is firmly entrenched any minor bounce might be used by investors to short the cross again.
A fall through the $1.1500 mark and daily chart close below it may lead to the mid-June-to-August lows at $1.1447-to-$1.1392 being eyed next.
EUR/USD daily candlestick chart
WTI under pressure amid oversupply concerns
WTI crude oil still sideways trades below its late October $62.59 per barrel high amid persistent oversupply concerns due to OPEC+'s decision to pause output increases early next year.
At present, the oil price is seen sliding towards last week's $59.64 low, a fall through which would push the $58.00 region to the fore.
A bullish reversal and rally above Monday's $61.50 high is needed for the late October peak at $62.59 to be back in play. Only a rise and daily chart close above this level and the 8 October high at $62.92 would put the bulls back in control.
WTI daily candlestick chart
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