The last week was incredible for the Nasdaq
Composite with the index rallying for five consecutive trading days. The bulk
of the rally came after the FOMC rate decision where the Fed left interest rates unchanged and Fed
Chair Powell delivered less hawkish than expected remarks. The
Nasdaq Composite then extended the gains into the weekend after the NFP report
missed forecasts and the ISM Services PMI came
lower than expected.

One may think that the stock market sees a soft
landing and the fall in Treasury yields is a good thing. Unfortunately,
Treasury yields fell likely because the bond market sees more weakness to come
in the next few months given the softening in the labour market. So, the rally
we’ve seen out of the disappointing data is likely to be misplaced and the
market might correct that soon.

Nasdaq Composite Technical
Analysis – Daily Timeframe

On the daily chart, we can see that the Nasdaq
Composite erased most of the losses of the past two weeks and reached the key trendline around
the 13450 level. We can notice that the price is now overstretched as depicted
by the distance from the blue 8 moving average. In such
instances, we can generally see a pullback into the moving average or some
consolidation before the next move.

Nasdaq Composite Technical
Analysis – 4 hour Timeframe

On the 4 hour chart, we can see that we got some
selling into the close before the weekend. We can also notice that the price is
overstretched even on this timeframe. The sellers are likely to step in with a
defined risk above the high to position for a drop back into the 13174 support. The
buyers, on the other hand, will be better off to wait for a pullback instead of
chasing the rally at these levels.

Nasdaq Composite Technical
Analysis – 1 hour Timeframe

On the 1 hour chart, we can see that we
have a nice support zone around the 13174 level where we can find the confluence with
the upward trendline, the red 21 moving average and the 38.2% Fibonacci
retracement level. This is where the buyers are
likely to pile in with a defined risk below the trendline to position for a
break above the major trendline. The sellers, on the other hand, will want to
see the price breaking lower to increase the bearish bets and target a new low.

Upcoming
Events

This week is pretty empty on the data front with just
the US Jobless Claims on Thursday and the University of Michigan Consumer
Sentiment on Friday. The market is likely to focus on the past week events and
will be eager to see the US Jobless Claims on Thursday given the recent weakness
in the labour market data.

This article was written by FL Contributors at www.forexlive.com.

The online trading and fintech space are among some of the most competitive industries, where only the top performing brands can truly stand out. UF AWARDS MEA 2024 will look to showcase these leaders, taking place this January at the upcoming iFX EXPO Dubai 2024.

UF AWARDS MEA 2024 are the financial service industry’s most prestigious rewards, highlighting the best B2C and B2B brands in the Middle East and Africa (MEA). These unique honours recognise excellence, pioneering achievements, innovation, and significant contributions made in the online trading and fintech space.

Perhaps most importantly, the UF AWARDS acknowledge leading brands who provide traders and businesses with an industry benchmark and standard that other companies aspire to trade and do business with. These honours constitute the most distinguished in the industry with the biggest titles on the line to kick off 2024.

Nominations Round Underway for the Coveted UF AWARDS MEA 2024

No two UF AWARDS are the same, with companies vying for these special titles and the bragging rights that come with them. Does your brand have what it takes to win the industry’s highest honours? The road to victory for the UF AWARDS MEA 2024 starts with the Nomination Round, which is now open.

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Honouring Excellence Across the Middle East & Africa

The UF AWARDS MEA 2024 Ceremony will be held on January 17, concluding the first day of the iFX EXPO Dubai 2024 at the Dubai World Trade Centre. iFX EXPO is the world’s leading online trading event. For over a decade, this landmark exhibition has brought together professionals in online trading, fintech, and financial services across Europe, Asia, and the Middle East.

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Nominations for the UF AWARDS MEA 2024 will remain open until December 15. This will be directly followed by a subsequent voting round that will last from December 20 until January 10. Registered users will have a chance to cast their votes from a short list of nominated B2C and B2B brands.

What Makes the UF AWARDS MEA 2024 Unique?

There is no shortage of accolades in the industry, but only the UF AWARDS MEA 2024 reign supreme. This is because nominations and voting are done by industry peers with the most prestigious industry titles for the year on the line.

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Introducing the Categories Up for Grabs

The UF AWARDS MEA 2024 spans a diverse list of categories from both the B2C and B2B space. Discover your brand’s perfect match by exploring each exciting category via the following link.

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• BEST BROKER – MEA
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Are you ready to be recognised as one of the most trusted names in the industry today? The path to glory and the UF AWARDS MEA 2024 starts with your nomination.

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This article was written by FL Contributors at www.forexlive.com.

Chinese President Xi Jinping said on Monday that a „healthy and stable“ relationship with Australia served each country’s interests, and that it was important to move forward with strategic ties.

FULL STORY

Mutual benefit is what China wants, Xi told Australian Prime Minister Anthony Albanese, the first Australian leader to visit Beijing since 2016, as both men met at the Great Hall of the People in the heart of the Chinese capital.

China’s January-September imports from Australia increased 8.1% from a year earlier to $116.9 billion, Chinese customs data show. In 2022, imports plunged 12.7% to $142.1 billion.

This article was written by Ryan Paisey at www.forexlive.com.

U.S. stock index futures inched higher on Monday as expectations that the Federal Reserve was done with its interest rate hikes gained steam ahead of commentary by a slew of policymakers later in the week.

FULL STORY

Wall Street’s main indexes posted their best weekly performance in about a year on Friday, boosted by tumbling U.S. Treasury yields as a weaker-than-expected monthly payrolls report spurred hopes that the Fed could start cutting rates next year.

Traders‘ bets that the Fed will hold interest rates steady in December stand at 90%, while pricing in an about 80% chance the first policy easing would come as soon as June, according to the CME Group’s FedWatch tool.

Such expectations will be put to the test this week with a raft of Fed policymakers, including Chair Jerome Powell due to speak in the coming days.

Other speakers include voting members such as Federal Reserve Board Governor Lisa Cook, New York Fed President John Williams and Dallas Fed President Lorie Logan.

This article was written by Ryan Paisey at www.forexlive.com.

China’s attempts to keep the yuan from falling contributed to last week’s chaos in money markets, sources involved say, pointing to the pressure behind the scenes as Beijing tries to guide its economy and markets through a major slowdown.

FULL STORY

Routine month-end demand for cash in China’s banking system snowballed into a scramble on Oct. 31 that pushed short-term funding rates as high as 50% in some cases, an incident that authorities are now investigating.

Six participants in the market say a confluence of factors drove fear and confusion across trading rooms in Shanghai and Beijing by late afternoon on that day.

Eventually, the People’s Bank of China (PBOC), its affiliated China Foreign Exchange Trade System (CFETS) and bond clearing houses stepped in, directing lenders, extending trading hours and holding meetings with institutions to calm markets.

The contributing factors were the usual month-end demand for liquidity, cash hoarding in the lead up to a big government bond sale and a market where the biggest banks were already reticent to lend because of a mandate to counter pressure on the yuan.

This article was written by Ryan Paisey at www.forexlive.com.