The Nasdaq 100 index has recently experienced a 4% retracement over the past week, bringing it back to a crucial support level at 20,354. Market participants are looking for a potential new higher low as buyers may re-enter the market. The daily RSI has reset to a neutral 50 level, indicating a shift from earlier exuberance.
Investors are focused on the company"s forward guidance, which will be pivotal in determining market sentiment.
The interplay between US economic data and Japanese monetary policy will be crucial in shaping the future direction of this currency pair.
Gold prices are attempting to stabilize after three consecutive weeks of losses. The market is digesting recent economic surprises in the US, which may have led to speculation that the Federal Reserve"s rate cuts were an overreaction.
A less dovish stance from US policymakers in the upcoming December meeting could further influence gold"s performance.
The USD/JPY currency pair has entered a phase of consolidation, with a near-term bearish divergence on the daily MACD suggesting that upward momentum may be stalling.
Positive surprises in the US economy could support the US dollar and influence the USD/JPY pair"s trajectory.
Traders are monitoring movements towards trendline support, as a higher low could reinforce the upward trend.
The financial markets are at a critical juncture, with potential shifts in momentum for the Nasdaq 100, gold, and USD/JPY. Market participants are poised to react to developments that could reshape the landscape heading into the new year.