Daily Technical Update: Nasdaq Breaks Above 19,000 After 3 Days of Consecutive Gains

U.S. Stocks rise for the third consecutive day
Nasdaq broke two crucial resistance levels in yesterday’s trading, the psychological level 19,000 and later on the technical level of 19,234. This paves the way for more upward movement to the next major resistance level of 19,886.
Bearish correction is anticipated before breaking the aforementioned resistance level as the RSI indicator is moving above 75 level indicating overbuying on the index.
Support | 19,256 | 19,107 | 19,028 |
Resistance | 19,385 | 19,704 | 19,867 |
Nasdaq 1H Chart

Gold falls as demand for safe haven asset declines
After briefly touching the $3,500 level on Tuesday, gold fell to previous support level $3,260 losing more than 6% from its highs in the middle of the week. The precious metal is now trading in a consolidation for the past two days with RSI in the neutral zone.
Support | $3,281 | $3,260 | $3,230 |
Resistance | $3,328 | $3,371 | $3,386 |
Gold 1H Chart

US Dollar Gains Bullish Momentum Against Major Currencies
USD recovered after sharp falls in the past few weeks. The US Dollar Index is trading above the 99 level again and nearing the 100 level. USDJPY is up 2.7% since its Tuesday low. The pair is now trading at 143.87 and bullish momentum is still present. Short and mid term moving averages MA(5), MA(10), and MA(30) are trending upwards indicating strong trend.
Support | 142.89 | 142.49 | 142.28 |
Resistance | 143.83 | 144.20 | 145.16 |
USDJPY 1H Chart
