Nasdaq Prepares for Retracement Amidst USD Momentum

The Nasdaq, exhibits robust momentum as Friday begins However, signs indicate a potential retracement on the horizon, especially as observed in correlated pairs like EUR/USD. A pullback would offer the Nasdaq, along with the DJ and S&P500 indices, an opportunity to consolidate before resuming upward movement. Market participants are bolstering their positions in the Greenback, anticipating the Federal Reserve to scale back its projected interest rate cuts from three to at most two. This shift is prompted by ongoing economic data signaling a healthy pace of growth in the US economy.

Despite a lack of major economic releases scheduled for Friday, investors will closely monitor speeches from three US Federal Reserve officials. Foremost among them is Fed Chairman Jerome Powell, scheduled to address the market around 13:00 GMT.

In summary, the Nasdaq prepares for a potential retracement amidst USD momentum, with investors eyeing upcoming Fed speeches for further market cues.

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Looking for a possible Bearish continuation as reversal of Historical highs.

The Nasdaq still in accumulation at moment.

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