Nasdaq 100 Retraces From Record High As EUR/USD Slips And Oil Price Steadies.

(MENAFN- DailyFX (IG)) ​​​Macro update

​Wall Street slipped after a three-day streak of record highs as Federal Reserve (Fed) Chair Powell struck a cautious tone, balancing inflation risks against a softening job market while offering little clarity on future rate cuts.

​The Nasdaq 100 led losses, falling 0.9% with sharp declines in Nvidia , Amazon , Microsoft , and Apple , though the Dow Jones was cushioned by Boeing's 2% rise on an $8 billion Uzbekistan Airways order and renewed hopes for a China deal.

​Micron added optimism after hours with strong earnings and guidance, extending earlier gains.

​Powell's remarks, combined with weak US purchasing managers index (PMI) data, weighed on sentiment across Asia, where Japan's Nikkei 225 slipped 0.5% and Australian stocks lost 1%.

​Nasdaq 100 comes off record high

​The Nasdaq 100 ended its three straight day record high winning street on Tuesday, coming off Monday's 24,781 all-time peak.

​While remaining below this level, a retracement toward the mid-September high at 24,343 may be at hand.

Were yet another record high to be made instead, though, the 25,000 region would be eyed.

FTSE 100 daily candlestick chart Source: TradingView ​EUR/USD under pressure

​EUR/USD seems to be in the process of resuming its descent from last week's peak at $1.1919 with the 9 September high at $1.1780 representing the first downside target ahead of the mores significant $1.1742-to-$1.1730 support zone which is expected to hold when first tested.

Minor resistance above Tuesday's $1.1820 high sits at the $1.1830 July peak.

EUR/USD daily candlestick chart Source: TradingView ​WTI bounces off support

​WTI has once more bounced off the $62.00 region, so far to $63.89, a rise above which would likely engage the 55-day simple moving average (SMA) at $64.41 and also the mid-September high at $64.76.

​While the oil price remains below the $64.76 peak, though, the major August-to-September support zone at $61.94-to-$61.45 may be revisited.

​A fall through the $61.45 mark could trigger a rapid sell-off to the $60.11-to-$59.84 support area, made up of the mid-April, mid-May and late May lows.

WTI daily candlestick chart Source: TradingView Important to know

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