Intraday Analysis - Tuesday, Oct. 6

XAGUSD finds a bounce

Silver (XAGUSD) attempts to break away from the recent triple bottom after confirming its position above 61.00.

• A jump above 62.00 would force more sellers to cover, stirring volatility.

• 65.00 might be the bears’ last stronghold, and its breach would be a step closer to continuing the climb.

• Meanwhile, the RSI’s overbought condition could prompt a retreat, with 60.15 as the first level to expect support.

USDJPY driving higher

The Dollar remains bullish as price action gears up to test the recent top.

• The move looks to retest the 158.90 level, suggesting willingness to keep the uptrend intact.

• A close above 159.00 would extend the momentum for a multi-month high.

• A break below 158.00 would open the door to a sell-off towards 156.60.

NAS 100 clears new record

The Nasdaq soared as tech stocks jumped higher.

• On the chart, the break above 31000 suggests that the index might be on course to extend.

• A pop above the tip of a previous swing high will prompt more sellers to cover, clearing the path for a potential continuation towards 31200.

• As the RSI bounces towards overbought territory, 30600 is a fresh level to contain the pullback.

• 30000 is a critical psychological level to prevent a deep correction.