NVDA, NASDAQ 100, USD/ZAR and USD/JPY Forecasts – Tech and Carry Trade in Focus Today

NVDA Technical Analysis

Nvidia had a pretty rocky after hours at the end of the session on Wednesday, but you can see it did beat all of the estimates. I think there’s a lot of questions about how much further the AI trade can go, but as you can see pre-market has bounced right back and it looks like we are going to open near the highs of the Wednesday session, perhaps allowing Nvidia to continue to go higher.

I suspect the $200 level will be an area of contention, but if we can get above there, $210 would be an area that I’d be watching as well. Short-term pullbacks should end up being buying opportunities in this environment.

NASDAQ 100 Technical Analysis

Because of that, I am watching the Nasdaq 100. If we can break the high of the previous session, and Nvidia would have a big part to play in that, the 25,750 level would be targeted next, followed by 26,275.

Short-term pullbacks continue to see support, as you’ve seen the 50-day EMA offer it already, and then after that, 25,000. I still favor the upside here. I am looking to see if we can break the range of the previous session.

USD/ZAR Technical Analysis

In the currency markets, I’m watching the carry trade. In this chart, you have the US dollar against the South African rand. What I’m waiting to see is if we get a little bit of follow-through to the upside.

I’d be very interested in shorting just above the 16 level, assuming that we get some type of exhaustion. This pair can be very slow at times, but it’ll be worth watching to see if we jump and then get some type of exhaustion wick on a candlestick perhaps on an hourly chart might be worth taking a crack at 16 or so, maybe even as high as 16.08.

USD/JPY Technical Analysis

The US dollar against the Japanese yen is a pair that I’m watching very closely. I’m keeping an eye on the 50-day EMA near the 155.35 level as a bit of a floor. You get paid to hang on to this pair at the end of every day and I am already involved.

I’m looking to add that if we see a continuation of the upward momentum, the 158-yen level could be targeted. If we break down below the 50-day EMA, then I will look to add somewhere closer to the 154-yen level. I have no interest in shorting this market as the Japanese yen has really taken it on the chin as of late. I don’t see that changing based on the larger macroeconomic and fundamental situation.

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