US Tech stocks approach all-time highs

Note: This section contains information in English only.
Source: Dukascopy Bank SA


During July, bad economic data signalled that the US stock market might have overheated and a decline occurred. The culmination of the decline was the drop caused by US employment data on August 4. However, talks started in the markets about upcoming US rate cuts, which have been strengthened by confirmation from the US central bankers. Due to this phenomenon, the value of the US Dollar has been declining and the value of stocks has been surging.

Most recently, the recovery of the US top 100 tech stocks reached the resistance of the 20,000.00 mark. Meanwhile, support was found in the 50-day simple moving average near 19,500.00.

A resumption of the prior surge would have to break through the 20,000.00 mark, before the index tests the all-time high levels at 20,595.00/20,785.00.

However, a decline of the index would initially pass the 50-day SMA and then move onto the 18,500.00 level, where the 200-day SMA is located at. If the moving average fails to hold, the rate might find support in the trend line that connects the indices higher low levels. Further below, the 16,970.00/17,240.00 range is set to act as support.
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Tue, 27 Aug 2024 11:49:36 GMT

NZD/USD passes major resistance range

Recent talks and afterwards confirmation of upcoming US Dollar interest rate cuts have weakened the USD. On the NZD/USD charts it has been consistent with the rate bouncing off the support of the 0.5775/0.5850 range. By the end of August, the rate had recovered and broken the 0.6180/0.6220 resistance zone. A continuation of the ongoing NZD surge against the US

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The USD/CAD has returned to look for support in the 1.3585/1.3615 range and the 200-day simple moving average. The descent occurred in a narrow channel down pattern that could continue to guide the pair. A move below the support range is expected to look for support in the 1.3470/1.3515 zone. Further below, note the 1.3350 level that might stop a

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