AUDUSD tests resistance
![AUDUSD-CHART-29-12](https://assets.iorbex.com/blog/wp-content/uploads/2023/12/29093125/AUDUSD-CHART-29-12.png)
![AUDUSD-CHART-29-12](https://assets.iorbex.com/blog/wp-content/uploads/2023/12/29093125/AUDUSD-CHART-29-12.png)
The Australian dollar advances as rate cut bets boost demand for riskier currencies. The pair has climbed back to last summer’s double top at 0.6900, suggesting that the Aussie may have found a bottom at the October low of 0.6300. A bullish breakout would force the bears to abandon ship and pave the way for a sustained recovery above 0.7000 in the weeks to come. In the meantime, the rally could pause in this supply area if buyers take some chips off the table and 0.6820 would be the immediate support.
NZDUSD recoups losses
The New Zealand dollar steadies as commodity prices hold onto recent gains. The rally accelerated after clearing offers around 0.6220 and a series of higher highs indicates ongoing interests in keeping the Kiwi’s edge. The mid-July peak of 0.6400 is a major ceiling and its breach would signal a bullish reversal in the medium-term. In the near-term however, the daily RSI’s double top in the overbought area shows an overextension. 0.6300 is the first support and 0.6240 on the 20-day SMA the bulls’ second layer of defence.
NAS 100 claims new high
The Nasdaq 100 hit fresh high as the US labour market continued to cool in the fourth quarter. The index is capitalising on its break above the all-time high of 16770, attracting momentum buyers in this unidirectional and crowded trade. The psychological level of 17000 is the next threshold and a convincing breakout may fuel the optimism. However, a bearish RSI divergence reveals a deceleration in the underlying momentum and a retreat cannot be excluded. 16870 is the closest support should the bulls start to take profit.