USD awaits catalyst

Jing Ren Orbex

USD/JPY tests resistance

The Japanese yen retreated as the Tokyo area’s CPI fell short of expectations in August. The US dollar’s dip has come to a rest near July’s peak of 144.60, suggesting the bulls’ willingness to keep the uptrend intact in the medium-term. A close above 145.70 at the start of a previous bearish breakout is important in cutting short the selling momentum, and 145.40 from that supply area has turned into a fresh support. A break above the recent top of 146.50 would open the door to an extension to last October’s milestone at 150.00.

XAG/USD seeks support

Silver consolidates gains as traders await Fed Chair Powell's speech at the Jackson Hole Symposium. A jump above the support-turned-resistance of 23.50 has forced sellers to cover, stirring up volatility in the process. 24.40 might be the bears’ last stronghold and its breach could expose last month’s high of 25.20, which would be a step closer to resume the climb from March. In the meantime, the RSI’s overbought condition caused a retreat as intraday buyers took some chips off the table. 23.70 is the first level to expect support.

NAS 100 clears resistance

The Nasdaq 100 soared initially as Nvidia's solid revenue forecast boosted AI-related stocks. On the daily chart, a hammer pattern in the demand zone around 14700 suggests that the index might have reached its bottom. A pop above the tip of a previous swing high at 15260 has prompted more sellers to cover, clearing the path for a potential recovery to 15600. However, the bulls will need to reclaim the psychological level of 15000. As the RSI ventures into oversold territory, 14670 is a fresh level to contain the pullback.

Author

Jing Ren

Orbex

Jing-Ren has extensive experience in currency and commodities trading. He began his career in metal sales and trading at Societe Generale in London.

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