Skip to content

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.
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 comes off 4-month high while EUR/USD resumes ascent and WTI stays sidelined

​​​Nasdaq 100 comes off 4-month high amid US tariff uncertainty while EUR/USD resumes ascent and WTI stays sidelined as the US dollar weakens.

Nasdaq 100 Source: Adobe images

Written by

Axel Rudolph FSTA

Axel Rudolph FSTA

Senior Technical Analyst

Article publication date:

​​​Nasdaq 100 comes off Thursday's high

The Nasdaq 100 is expected to remain below its four-month high at 21,611 on the last trading day of the month and may slip further over the coming days since this high has been accompanied by a lower high on the daily Relative Strength Index (RSI). It thus shows negative divergence which in most cases leads to at least a short-term correction against the prevailing trend.

The previous 21,464-to-21,483 resistance area, made up of the last couple of weeks' highs, may cap on Friday. 

A slip through Thursday's 21,261 low may put the 3 March high at 21,074 back on the plate. If slipped through last week's low and the April-to-May uptrend line at 20,778-to-20,734 may be revisited as well. Failure there would probably engage the 200-day SMA at 20,351. 

Further down lie the 21,073-to-20,975 late January-to-early March daily lows which may also offer support.

Were Thursday's high at 21,611 to be exceeded, the early January high at 21,703 would be eyed.

Nasdaq 100 chart Source: TradingView

​EUR/USD recovers from Thursday's low

EUR/USD has bounced off Thursday's $1.1211 low and thus resumes its advance but is losing short-term upside momentum below last week's $1.1418 high. This level as well as the $1.1425-to-$1.1440 23-to-29 April highs need to be exceeded for the resumption of the medium-term uptrend to be validated. If so, 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 $1.1211 underpins, the short-term uptrend is deemed to be intact. If fallen through, a slide towards the $1.1131 mid-May low may unfold instead.

EUR/USD chart Source: TradingView

​WTI still range trades

For the past few weeks the WTI crude oil price has been sidelined and remained below its late April-to-May $63.86-to-$64.83 per barrel highs but above its $60.11 mid-May low.

The lows seen since mid-May at $60.11-to-$60.06 act as floor for now. 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, though.

A rise above Thursday's $63.04 high and the 55-day SMA at $63.23 may lead to the key $63.86-to-$64.83 resistance area being revisited.

At present further, mainly low volatile, sideways trading seems to be at hand.

WTI crude oil chart Source: TradingView