News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bearish
GBP/USD
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • Learning how to trade does not have to feel foreign. Hone your skills and build your confidence with free DailyFX guides today! https://t.co/lnxaQOsgid https://t.co/7myL4vGnt8
  • Using margin in forex trading is a new concept for many traders, and one that is often misunderstood. Margin is the minimum amount of money required to place a leveraged trade and can be a useful risk management tool. Learn about margin trading here: https://t.co/qZCE5asCzM https://t.co/yxE0OmLIP0
  • Entry orders are a valuable tool in forex trading. Traders can strategize to come up with a great trading plan, but if they can’t execute that plan effectively, all their hard work might as well be thrown out. Learn how to place entry orders here: https://t.co/1mnOXUd00T https://t.co/iSrjZTeWwf
  • There are many different types of forex orders, which traders use to manage their trades. While these may vary between different brokers, there tends to be several basic FX order types all brokers accept. Learn about different FX order types here: https://t.co/WeLInepZiD https://t.co/7B0KI8HehW
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM73cHA https://t.co/vGW5BygTXU
  • When it comes to buying and selling forex, traders have unique styles and approaches. Learn about buying and selling forex here: https://t.co/xngExEdFdu https://t.co/kqpJ6oGXgt
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/F4dXbUzU3o https://t.co/G0ZWWVtSrZ
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfIZNKr https://t.co/5js6tWk5bY
  • The Euro has regained lost ground against its major counterparts recently. Are further gains in the offing or is this just a short-term countertrend correction? EUR/USD, EUR/JPY, EUR/GBP, EUR/NZD key levels. Get your market update from @DanielGMoss here:https://t.co/Z71MZEIJWC https://t.co/YAr1kN4eKd
  • Coinbase’s impending initial public offering could provide the necessary fuel for Bitcoin to push to fresh record highs in the coming days. Get your market update from @DanielGMoss here:https://t.co/twdu0zqmIM https://t.co/72HRMZlKUn
Nasdaq 100 Price Forecast: Is the Technology Rout Over?

Nasdaq 100 Price Forecast: Is the Technology Rout Over?

Peter Hanks, Strategist

Nasdaq 100 Price Outlook:

Nasdaq 100 Price Forecast: Is the Technology Rout Over?

The Nasdaq 100 is in the midst of a volatile trading week as technology stocks look to recover from earlier weakness after the index suffered its worst three day decline since March. Slipping from record highs around 12,500, the Nasdaq 100 quickly unraveled to slide from the topside of an ascending channel to test the lower bound before eventually breaking beneath. As a result, a technical blow has been dealt to the tech-heavy index despite few changes in the fundamental landscape.

Nasdaq 100 Price Chart: 1 - Hour Time Frame (August 2020 – September 2020)

nasdaq 100 price chart

Thus, I am hesitant to suggest the Nasdaq is entirely out of the woods just yet. While the origin of the selling has been discussed at length, it is difficult to attribute the reversal to a single theme as very few notable fundamental developments have occurred since declines began. With that in mind, I would argue the technical breach is the most significant development for the Nasdaq and could allow for further weakness in the days to come.

A Guide to Support and Resistance Trading

That said, traders can look to utilize technical barriers near the current trading price to navigate price action on the shorter time frames. An ascending trendline, Fibonacci level and psychological markers all reside slightly above the Nasdaq at the time of publication, each of which could work to keep recovery rallies in check. On the other hand, possible support resides around the 11,080 mark and near Tuesday’s swing low at 10,940.

Either way, an abrupt reversal lacking a clear-cut catalyst is a concerning development for US equities and is a perfect example of the uptick in volatility that is often observed in September and October.

Starts in:
Live now:
Apr 21
( 15:04 GMT )
Join day 2 of the DailyFX Summit discussing equities
Weekly Stock Market Outlook
Register for webinar
Join now
Webinar has ended

While weakness may not persist indefinitely and the current climate may not lead to a bear market or severe stock market crash, volatility has undoubtedly returned and with the technical break, further volatility could lead to further losses. Encouragingly, weakness in the technology sector has been relatively targeted, so other risk assets like the Australian Dollar and European equity markets have been somewhat insulated from recent turbulence.

Nevertheless, a recent break down in crude oil prices could hint that broader risk aversion is in the cards. Still, further evidence of a larger pullback in risk assets is needed to confirm a swing in market sentiment. All in all, there is little to suggest weakness in the technology sector has concluded and volatility looks poised to continue in the weeks leading up to the US Presidential election. In the meantime, follow @PeterHanksFX on Twitter for updates and analysis.

--Written by Peter Hanks, Strategist for DailyFX.com

Contact and follow Peter on Twitter @PeterHanksFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES