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
EUR/USD
Mixed
Oil - US Crude
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
Wall Street
Bearish
Gold
Mixed
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • #Silver retracing its losses earlier in the session as price carves out a Bear Flag pattern With resistance at $25 holding firm, further losses appear in the offing A daily close below the 21-DMA (24.20) may open the door for a retest of 61.8% Fib support (21.74) $SLVR $SLV https://t.co/rCl3Ms3FB3
  • The Nasdaq 100 index looks set to pull back amid bearish momentum in the near term. The 50-Day Simple Moving Average (SMA) line may serve as an immediate support. Get your #equities update from @margaretyjy here: https://t.co/5Axsg6gAdd https://t.co/rToHnPLSeS
  • $GBPUSD the outlier early in the session, up marginally as UK-EU Brexit negotiators extend talks until October 28 https://t.co/ey92YW4RJw
  • #CrudeOil down 1.95% on the back of tightening #COVID19 restrictions in several European nations $EURUSD nudging marginally lower https://t.co/PUWTfKl08f https://t.co/XuyQOzV6sj
  • Market Snapshot Broad risk-off tilt to kick-off APAC trade #Gold and #CrudeOil prices plunging lower alongside the risk-sensitive $AUDUSD Haven-linked $JPY and $USD moving higher against their major counterparts
  • Wall Street Futures Update: Dow Jones (-0.504%) S&P 500 (-0.536%) Nasdaq 100 (-0.484%) [delayed] -BBG
  • 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/lAFyv1gM0P https://t.co/zSCf8azESa
  • *Reminder: Weekly Strategy Webinar tomorrow morning at 8:30am ET on DailyFX! https://t.co/lxd5fZnn4H
  • Central banks often deem it necessary to intervene in the foreign exchange market to protect the value of their national currency. Learn how central bank intervention can impact your trading here: https://t.co/ZJOEtpGUIq https://t.co/tJWOXZCoBw
  • The US Dollar may seesaw as investors navigate what could be a volatile week packed with US GDP data, rising Covid-19 cases, Q3 corporate earnings and more. Get your #currencies update from @ZabelinDimitri here: https://t.co/UNRcd3c9uA https://t.co/BiUiOV4cXC
Nasdaq 100 to Test 100-Day SMA, Hang Seng and ASX 200 May Open Flat

Nasdaq 100 to Test 100-Day SMA, Hang Seng and ASX 200 May Open Flat

2020-09-21 01:00:00
Margaret Yang, CFA, Strategist
Share:

NASDAQ 100, HANG SENG, ASX 200 INDEX OUTLOOK:

  • Nasdaq 100 may test its 100-Day Simple Moving Average (SMA) at 10,740 – an immediate support
  • Hong Kong’s Hang Seng Index (HSI) is consolidating, with a key support level at 24,130
  • ASX 200’s trend remains downward-biased. China Loan Prime Rate in focus

Nasdaq 100 Index Outlook:

Nasdaq 100 index futures fluctuated on Monday after falling over 1% on Friday. This may set a mixed tone for Asia-Pacific markets amid a relatively quiet calendar day. The two-day closure of the Japanese markets suggests that liquidity in both equity and forex could be thin, rendering popular trading products such as USD/JPY and Nikkei 225 index futures susceptible to large swings, should there be surprising news.

The halting of President Trump’s ban of Chinese social media apps WeChat and TikTok may provide markets with temporary relief, but traders are scrutinizing the developments on the TikTok-Oracle deal. The geopolitical situation in the Taiwan Strait is also another risk traders are closely watching. Chinese media agency Global Times reported that Beijing is considering putting HSBC into its Unreliable Entity List (UEL) due to its linkage with Meng Wanzhou’s (Huawei’s CFO) case.

The VIX volatility index drifted lower in the past two weeks, suggesting this might be another healthy technical correction in a mid-term bull run. There could be more consolidations ahead however, as several technical indicators show.

Top Trading Lessons
Top Trading Lessons
Recommended by Margaret Yang, CFA
How can you overcome common pitfalls in FX trading?
Get My Guide

Technically,the Nasdaq 100 index has dived below its 50-Day SMA and the 23.6% Fibonacci retracement level at 11,070 last week. This may be showing that bearish side is taking control in the near term. An immediate support level may be found at 10,740 – the 100-Day SMA. Breaking below 10,740 will likely open the door for further losses with an eye at 10,220, which also marks the 38.2% Fibonacci retracement level.

Nasdaq 100 IndexDaily Chart

Nasdaq 100 to Test 100-Day SMA, Hang Seng and ASX 200 May Open Flat

Hang Seng Index Outlook:

Hong Kong’s Hang Seng Index (HSI) attempts to find strong support at 24,130 (38.2% Fibonacci retracement) within a mid-term downward trend. The index was weighed by a couple of headwinds: US equity market consolidation, rising US-China tensions and a soft domestic economy due to Covid-19.

Building Confidence in Trading
Building Confidence in Trading
Recommended by Margaret Yang, CFA
Don’t give into despair, make a game plan
Get My Guide

Sector-wise, financials (+0.93%) and commerce & industry (+0.31%) were among the best performers on Friday, whereas utilities (-0.60%) and properties (-0.49%) were lagging.

Hang Seng Index – Daily Chart

Nasdaq 100 to Test 100-Day SMA, Hang Seng and ASX 200 May Open Flat

ASX 200 Index Outlook:

Australia’s ASX 200 index re-tested a support zone of 5,800 – 5,850, which held well in the past two weeks. China’s Loan Prime Rate is set to be released at 9:30am Singapore Time. The short-term trend of ASX 200 index appears to be bearish-biased, as suggested by a dwindling MACD. As the index recently failed to break above what appeared to be an “Ascending Triangle” formation, and since entered into a correction, finding support level at 5,810.

ASX 200 Index Daily Chart

Nasdaq 100 to Test 100-Day SMA, Hang Seng and ASX 200 May Open Flat

--- Written by Margaret Yang, Strategist for DailyFX.com

To contact Margaret, use the Comments section below or @margaretyjy on Twitter

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

DISCLOSURES