Feb 17th Daily Analysis
Feb 17th Daily Analysis
NAS 100
U.S. stocks fell on Wednesday, with the tech-heavy Nasdaq leading losses after stronger-than-expected retail sales data gave the Federal Reserve more ammunition to tighten policy, while geopolitical tensions over Russia and Ukraine added to caution.
Technology and communication services led the declines among the 11 major S&P sectors.
Technical analysis:
From the overview of price in NAS100 we could see that price in a bearish trend. Price has reacted to the support zone between 14590.6 and 14447.1 thereby retesting the 50 EMA which is in confluence with the FIBO retracement levels within the support zone. We could also see that the MACD and RSI are below the centreline for a possible price continuation to the downside.
NZDUSD
Technical analysis:
From the overview of price in NZDUSD , we could see that price is in an overall downtrend. Price is making a pullback to the support zone between 0.67705 and 0.67327 which has a likely confluence with the 50 EMA. We could also see that the RSI and MACD indicators are below the centreline which shows that price may likely continue in its downward direction.
COTTON
Technical analysis:
The overall trend for cotton is bullish. Price is currently retesting the support zone between 122.358 and 120.417. Price is likely going to form a reversal double bottom pattern which may likely be in divergence with the RSI. We could see that the RSI is in the oversold level which shows that price may likely push up soon.