NASDAQ 100 Index Review
Last week, instead of continuing long NASDAQ 100 Index consolidated above all the three exponential moving averages and most importantly above the daily support line 5881.8. I'm waiting for a clear buy signal towards 6050.00, and could break higher. According to the daily chart above, buy positions seems more ideal and can be recommended especially while the price remains above the daily support line 5881.8, if this support line can be broken, then I expect a break below the three moving averages to pick a short position in this index.
Waiting for the current consolidations to end to pick a long positions towards 6050.00.
Earlier this month, my pending buy limit order was opened when price declined below the monthly support line 2.834. I expect further decline but this is just but a false break. If price pulls back upwards and closes around 2.834, then this will be a go ahead to look for further long positions. According to the monthly chart above, long positions still looks more ideal and can be recommended especially while price is still above 2.834. If the price can breach below 2.834 with a big red candle, then I may consider a short position towards 1.738
Look for long signals with a take profit at 4.126.
The Australia Index continues to consolidate within a tight range, not going above 5820.1 or below 5692.3. I expected a break below this range to pick a short position towards 5522.9 but from the way it looks, this index could continue consolidating within this range for an unprecedented duration. Thus, while the price is still within this range, I'm only interested in trading reversals. A break above will push the price upwards towards 5820.1. While a break below 5692.3 will push the price lower towards 5522.9.
Imelda MasenoAnalyst of «FreshForex» company