Nasdaq - Tech 100
US Tech Index Nasdaq managed to close last week at a record high above $15100. The Index is moving up strongly within a rising channel; suggesting further bullish momentum. It has broken the major resistance of the $14800-900 area which was at a 261% weekly and monthly retracement area. As long as it stays above $14900, the trend will remain up and it may continue to rise.
The coming week is quite important for the major trend of the US stock market, as five tech titans will announce their quarterly results. Apple Inc, Microsoft, Google, Facebook and Amazon are all expected to have lucrative news, resulting in a big week in terms of earnings.
Technically, Nasdaq will continue to strengthen further above $15100, while on the downside below $14800 Index will find the next major support near to $14450 level. Event-wise, the market will react to the FOMC rate decision on Thursday.
Gold continued to trade sideways to a lower level throughout the last week. For the last two months it has been trading in a bearish channel. Gold is facing strong resistance near to its 50% retracement level of $1834, while on the downside it is taking a support near to 23.6% retracement level of $1789.
In the coming week, it may come out from a sideways movement and decide the trend after the FOMC press conference on Wednesday Jul 28th.
Technically, RSI on a daily chart is below 50, which suggests a sideways to bearish movement for the Gold price. $1770 will provide support if it will breach $1789, while on the higher side $1820 will act as the first resistance.
EUR/USD continues to decline for the second month in a row. It is trading near to its 3 month low of 1.1750 level. The pair attempted to cross the 1.1800 level but bears were in control and prices fell within the past two weeks. EUR/USD will decide its further trend after the FOMC announcements on Wednesday Jul 28th. On the downside, it might take support near to the 1.1750 area, below that next major support is at 1.1600 level. While on the higher side, above 1.1800 level, and the next major resistance will be near to 1.1840.
Bitcoin started the week with a bullish move, trading near to $32500, and by today (Monday) it has already made a high above $39760. Technically, RSI has come out from a 7 month descending trend line, which suggests major trend reversal for Bitcoin. In the event of the extended breakout, Bitcoin might go up to its next major resistance area of $41600, which is 38.2% retracement level. Above that next level to watch will be $45000, while on the downside $32000 will continue to provide support in the event of a downward move.
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