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Forex Today: NASDAQ 100 Bulls Reach New 22-Month High

By Adam Lemon
Adam Lemon
By Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

Bullish US stock markets saw the tech-centred NASDAQ 100 Index trade at a new 22-month high yesterday.

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  1. Stock markets are quite bullish, especially the major US indices. The NASDAQ 100 Index stands out after continuing to print bullish price action after reaching a new 22-month high price yesterday. Trend traders and day traders will be interested in being involved on the long side, with bulls getting a tailwind from lower-than-expected US inflation data recently.
  2. In the Forex market, the New Zealand Dollar is the strongest major currency over the short term, while the US Dollar is the weakest, putting the NZD/USD currency pair in focus.
  3. Gold is continuing to trade bullishly near $2,000 per ounce and is threatening to soon make a new 6-month high above $2,010.
  4. Crude Oil is trading lower as OPEC is forced to delay its next meeting from this weekend to 30 November, while US crude inventories increase to their highest level since July.
  5. Yesterday saw releases of US Unemployment Claims and Revised UoM Consumer Sentiment, with both broadly meeting expectations.  
  6. There will be releases today of German, British, and French Flash Manufacturing and Services PMI data.
  7. It is a public holiday today in Japan and the USA (Thanksgiving).
Adam Lemon
By Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

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