Nasdaq 100, WTI thwarted by resistance while EUR/USD rises further
Nasdaq 100, WTI thwarted by resistance while EUR/USD rises further amid trade related US dollar weakness.
Nasdaq 100 remains below its May high
The Nasdaq 100 continues to trade below its four-month high at 21,611 but remains short-term bullish while Friday's low at 21,033 underpins on a daily chart closing basis.
Since negative divergence can still be spotted on the daily Relative Strength Index (RSI) further consolidation may be at hand.
The previous 21,464-to-21,483 resistance area, made up of the last couple of weeks' highs, together with Monday's high at 21,491 may short-term cap the upside. If not, the four-month high at 21,611 would be back in sight, together with the early January high at 21,703.
A slip through Friday's 21,033 low would target the April-to-May uptrend line at 20,970. Failure there would probably engage the 23 May low at 20,778. Further down meanders the 200-day simple moving average (SMA) at 20,378.
EUR/USD overcomes its May high
EUR/USD's rally off Thursday's $1.1211 low and subsequent rise above its $1.1418 May peak is encouraging for the bulls. The 11 April high at $1.1473 is eyed next ahead of the April peak at $1.1573.
Potential minor slips may find support around the early May high at $1.1381 and the 21 May high at $1.1363.
While last week's low at $1.1211 underpins, the medium-term uptrend is deemed to remain intact. If fallen through, a slide towards the $1.1131 mid-May low may unfold instead.
WTI capped by resistance zone
On Monday WTI crude oil practically revisited its late April-to-May $63.86-to-$64.83 per barrel highs which once more acted as resistance, though.
Immediate rejection has taken the WTI oil price back below its 55-day SMA at $63.06 and may revisit its 26 May high at $62.11.
While the next lower mid-to late May lows at $60.11-to-$59.84 underpin on a daily chart closing basis, though, a retest of the key $63.86-to-$64.83 resistance area remains at hand.
Failure at $59.84 may lead to the 4-year April-to-May $55.39-to-$55.15 lows being back in the frame. These lows represent strong support, though.
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