Daily Technical Analysis: Nasdaq Jumps 2.7% and Breaks Above 6,000 Level

US indices rose sharply yesterday. Nasdaq 100 has gained 3.6% since the market opened on Monday and is currently trading at around 22,150 level. The index reached its highest level in 4 months and is potentially heading towards its all-time high.

Moving averages MA(5), MA(10), and MA(30) are all slopping upward, confirming the uptrend. However, MACD shows price is nearing over-bought levels. Breaking below short term averages might pressure prices toward the 30-period moving average. However, the overall bullish trend remain intact.

Nasdaq 1H Chart

Resistance	22,200	22,234	22,250
Support	22,055	22,005	21,896

The US dollar continued to fall against major currencies. EURUSD is up 1.35% since the market opened on Monday. The next important resistance level on the pair is 1.1630

Price is finding support at the short term moving averages MA(5) and MA(10). However, MACD is showing a possible bearish crossover nearby. A drop below 1.1690 might push the pair down to 1.1550 as the 30-period moving average might hold prices higher on this level.

EURUSD 1H Chart

Resistance	1.1642	1.1678	1.1705
Support	1.1601	1.1586	1.1566

Gold struggles to maintain its long-term uptrend as the precious metal dropped sharply from $3,450. The next important support level is $3,300. Breaking below this level could trigger more selling and push prices toward $3,240

Short term moving averages MA(5) and MA(10) show a bearish crossover below MA(30) confirming the bearish bias in the short term.

As long as prices remain below $3,400, the overview is still bearish for the precious metal.

Gold (XAUUSD) 4H Chart

Resistance	$3,357	$3,393	$3,410
Support	$3,315	$3,294	$3,271