The trade: Nasdaq range-bound as ASX 200 holds uptrend

Nasdaq 100's sideways trend signals mixed performances

The Nasdaq 100 has been experiencing a prolonged period of sideways movement, trading between 21,000 and 22,000. This range-bound action reflects the mixed performance of major stocks like Meta and Tesla. While Meta has shown impressive gains, Tesla's share price has fallen significantly, now trading 33% below its December high.

Traders are closely watching for a break above 22,000, which could signal a bullish run towards 23,500. However, caution is advised as a retest of the January low around 20,500 is still possible, especially with the 200-day moving average (MA) and uptrend support in place.

Traders eye ASX 200 breakout

The ASX 200 is also in a holding pattern, with recent highs suggesting an uptrend remains intact. The index is hovering between 8350 and 8670, and traders are optimistic about a potential move towards the top of the trend channel.

Aussie dollar rebounds amid stable commodities

Meanwhile, the Australian dollar (AUD) has seen a strong rebound, moving from $0.60 to nearly $0.63. This recovery is attributed to the pricing in of negative news around tariffs and stable commodity prices.

However, the Aussie faces resistance between $0.6330 and $0.6370, and a break above this range is needed to confirm a medium-term low.

Commodities and cryptocurrency insights

Crude oil has been trading within a range, with recent concerns over Russian and Iranian supplies influencing prices. The support level around $70 has held, and traders are eyeing a potential move towards $78.50 to $80.50, pending a break of the 200-day MA.

Bitcoin's uncertain path forward

In the cryptocurrency market, bitcoin's price action remains uncertain. Although it has support around 95,000, the lack of new tailwinds and ongoing macroeconomic headwinds suggest caution.

A break below this support could indicate a medium-term high, potentially leading to a decline towards the 200-day MA near 79,000.