. Daily FX Analysis - Bulls Bounce Back as NASDAQ 100 Resilience Grows.

Daily FX Analysis – Bulls Bounce Back as NASDAQ 100 Resilience Grows.

Daily FX Analysis – Bulls Bounce Back as NASDAQ 100 Resilience Grows.

31 Oct 2023

Introduction:

Asian markets exhibit a mixed picture as investors await crucial economic data from the region. While the Shanghai composite dips slightly, the Nikkei 225 in Japan shows a modest gain. Meanwhile, European shares benefit from a boost in real estate stocks, with futures in Germany, France, and the UK pointing to positive openings. On the other side of the globe, Wall Street had a robust day driven by earnings results, with all eyes now on the upcoming Federal Reserve monetary policy meeting.

Market In Focus for today – Nasdaq 100

Each of the three primary U.S. stock indices concluded the day with gains of over 1%, recovering from the prior week’s significant decline. The Nasdaq Composite index (IXIC) recorded an increase of 146.47 points, or 1.16%, reaching a level of 12,789.48.

TECHNICAL OVERVIEW:

Moving Averages:

Exponential:

  • MA 5: 14373.12 | Positive Crossover | Bullish
  • MA 20: 14504.79 | Negative Crossover | Bearish
  • MA 50: 14735.75 | Negative Crossover | Bearish

Simple:

  • MA 5: 14730.82 | Positive Crossover | Bullish
  • MA 20: 14506.77| Negative Crossover | Bearish
  • MA 50: 14893.66 | Negative Crossover | Bearish

RSI (Relative Strength Index): 40.09| Neutral Zone| Neutral

Stochastic Oscillator: 32.73 | Sell Zone | Neutral

Resistance And Support Levels:

  • R1: 14607.30 | R2: 14891.27
  • S1: 14306.11| S2: 13936.09

Overall Sentiment: Bearish | Market Direction: Sell

Trade Suggestion: Stop Sell : 14220.06 | Take Profit: 13936.09| Stop Loss: 14417.98.

Elsewhere in the Indices Market

Asia Markets mixed ahead of ahead of key economic data from around the region.

The Shanghai composite is down at 0.09%. Overall, the Singapore MSCI down 0.24% to 271.43. Over in Hong Kong, the Hang Seng Index down 1.69% to 17,112.48. In Japan, the Nikkei 225 up 0.53% to 30,858.85, while the Topix index was up 1.01% to 2,253.72. South Korea’s Kospi down 1.41% to 2,277.99. Australia S&P/ASX 200 up 0.38% to, 6,806.5.

European shares lifted by real estate stocks.

The DAX futures contract in Germany traded 0.28 higher, CAC 40 futures in France up 0.42% to 6,853.54 and the UK 100 futures contract in the U.K. up 0.11% to 7,335.29.

Wall St ends sharply higher, powered by earnings momentum; Fed eyed.

On Monday, Wall Street saw a strong surge in activity, marking the beginning of an eventful week filled with a packed schedule of corporate earnings reports, economic indicators, and the Federal Reserve’s two-day monetary policy meeting.

Indexes: Dow up 1.58%, S&P 500- up 1.20%, Nasdaq up 1.16%.

Corporate News:

Amazon.com, Inc. (AMZN) up 3.89% at 132.71, Tesla Inc. (TSLA) down 4.79% at 197.36, Walmart Inc. (WMT) up 1.15% at 163.02. Goldman Sachs Group Inc (GS) up 3.77% at 300.83, Morgan Stanley (MS) up 1.50% at 70.59.

Key Economic Events & Data Release Today:

(AUD) Retail Sales (MoM) (Sep) Actual 0.9%, Forecast 0.3%, Previous 0.2% at 06:00.

(EUR) German GDP (QoQ) (Q3) Forecast –0.3%, Previous 0.0% at 14:30.

(EUR) German CPI (MoM) (Oct) Forecast 0.2%, Previous 0.3% at 18:30.

(EUR) ECB`s De Guindos Speaks at 18:30.