NASDAQ

Our last report for this pair was on November the 23rd. In that post price traded at $11957.1 .Price also struggled to break past level 12179.4 on three different occasions. Today the Nasdaq price action trades at level 13050.6 which is currently its all time high.

Nasdaq H4 chart 11 January 2020
Nasdaq H4 chart 11 January 2020

Looking at the chart we can see how price soars past the previous resistance level. Before finding resistance at its higher high. We believe that price could retrace to level 12179.4 .At this level we could see price test for support or even break past it.

If the Nasdaq price action breaks below then we could see it range within level 12454.9 and level 11143.8 . We think that a retracement is imminent due to the nature of price’s momentum slowly dying down. Right now being patient could serve very helpful in determining where price could be headed next.

Nasdaq Daily chart 11 January 2020
Nasdaq Daily chart 11 January 2020

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

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