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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% 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.

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 Source: Adobe images

Written by

Axel Rudolph FSTA

Axel Rudolph FSTA

Senior Technical Analyst

Article publication date:

​​​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.

Nasdaq 100 chart Source: TradingView

​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.

EUR/USD chart Source: TradingView

​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.​​

WTI crude oil chart Source: TradingView