We last reported on the Nasdaq on the beginning of this month . In that post (https://fxsits.com/will-nasdaq-resists-at-all-time-high/) price traded at level 13591.2 which happened to be its higher high at the time. Well, since then price managed too soar bullish to highs as much as level 13902.9 where it found resistance.
Looking at the charts you may notice how far price has come since then. Fast forwarding into today you may see that price currently trades at 13444.6 which is currently below our previous higher high . Why is this the case we ask ? Our analysts believe that price needs to pullback before it can continue in its true trend direction.
Thus this is what we currently see happening in the market. Sellers have managed to push the market bearish for sometime as the nasdaq price action plummets. We think that price could possibly pullback to level 13368.8 .It is at this level, that we may see price find support before it possibly resumes its bullish move.
The Nasdaq could possibly have other plans in its agenda however the best approach to trade this pair is patience. Seeing how far it will drop before finding support could prove beneficial for buyers oh the pair.
NB: Warning Before deciding to participate in the Forex market, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consider position sizing before entering a trade and manage your risk accordingly. Please read the risk warning before deciding to trade the markets