Technical Analysis Of The Nasdaq 100 As It Continues To Slide While USD/JPY Range Trades And Brent Crude Price Bounces Off Uptrend Line.

(MENAFN- DailyFX (IG)) Nasdaq 100 sell-off continues as USD/JPY range trades, Brent crude price recovers

Technical analysis of the Nasdaq 100 as it continues to slide while USD/JPY range trades and Brent crude price bounces off uptrend line.

Source: Adobe images Technical analysis Trading Day trading Leverage trading Commodities Indices

Written by

Axel Rudolph FSTA

Chief Technical Analyst

Publication date 2026-11-03T09:29:26+0000 Macro update

Asian shares retreat as AI spending concerns return: MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.4% to its lowest level since 23 October, with South Korea's KOSPI losing as much as 4.1% and Taiwan's market dropping 3.3%. Apple also fell 2.8% in after-hours trading after issuing a weaker gross margin forecast.

US election uncertainty puts Treasury yields in focus: Polls pointed to a Democratic victory in the House of Representatives, while the Senate race remained too close to call. However, Polymarket and Kalshi put the odds of Democratic control of the Senate at 77% and 76%, respectively. The US 10-year Treasury yield climbed 2.1 basis points to 4.913%.

Oil claws back ground as Iran tensions cloud peace hopes: Brent crude edged 0.5% higher to $105.25 a barrel, recovering some of Monday's decline of more than 7%. US strikes on Iran's Qeshm Island tempered optimism surrounding the prospect of a peace deal.

RBA raises rates but divided vote hints at a pause: The Reserve Bank of Australia increased its cash rate by 25 basis points to 4.85%, its highest level since December 2008. However, the narrow 6-3 vote suggested the tightening cycle may be nearing its end. The Australian dollar slipped 0.3% to $0.6978, while economists expected the Bank of England to raise rates to 4% this week.

Offshore yuan weakens after China tightens currency rules: The offshore yuan fell 0.36% to 6.671 per dollar, putting it on course for its biggest daily decline since May. The move followed the People's Bank of China's announcement that it would increase the foreign exchange reserve requirement ratio. The dollar index was marginally lower at 101.72.

Gold slips as expectations of Fed rate hike mount: Spot gold dropped 0.9% to $3,913.62 an ounce as rebounding oil prices fuelled inflation concerns. Traders were pricing in a 73% probability of a Federal Reserve rate increase in December, while silver fell 3% to $49.11.

Nasdaq 100 slips to 200-day simple moving average

The Nasdaq 100 continues to rapidly come off its early October record highs at 31,361 and nears the 200-day simple moving average (SMA) at 27,939. Around it the index may find some support. If not, a continued slide towards the late July low at 27,176 may ensue.

Good resistance may now be found between the late August-to-23 October lows at 28,753-to-28,953. While this resistance zone caps, downside pressure is expected to be maintained.

Short-term outlook: bearish while below the 1 September 28,953 high

Medium-term outlook: neutral with a bearish undertone while below the 21 October 29,928 high

Nasdaq 100 daily candelstick chart Source: TradingView USD/JPY range trades below its 200-day simple moving average

USD/JPY's recovery from its 23 October ¥156.08 low is ongoing with the 200-day simple moving average (SMA) at ¥158.55 remaining in sight. Over the past month it has acted as resistance, though.

Only if the late September and October highs at ¥158.95-to-¥159.04 were to be exceeded, would the mid-August-to-early September highs at ¥159.78-to-¥160.39 be back in focus.

Minor support may be spotted around the 30 October low at ¥156.96. Were the next lower October low at ¥156.08 to be slid through, the early August ¥155.23 low may once again be in sight.

Short-term outlook: bullish while above the 23 October low at ¥156.08

Medium-term outlook: neutral with a bullish undertone while above the 23 October low at ¥156.08

USD/JPY daily candlestick chart Source: TradingView Brent crude bounces off uptrend line

Following Monday's sharp decline to $107.31 per barrel, Brent Crude is seen bouncing off its July-to-October uptrend line, now at $107.90. As long as it underpins, the September high at $111.45 may be revisited. Further minor resistance sits at the 20 October $113.49 high and at the 29 October $113.88 low.

In case of a fall through this week's low at $107.31 taking place, the mid-October low at $105.47 and 55-day simple moving average (SMA) at $104.24 may be reached. If slid through, the psychological $100 region may be back in the frame.

Short-term outlook: bearish while below the 29 October low at $113.88

Medium-term outlook: bullish while above the 2 November low at $107.31

Brent crude daily candlestick chart Source: TradingView Important to know

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

MENAFN03112026000076011015ID1111907599