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US100 Countertrend Shorts: 27500 In Play!

By Shain Vernier6th Dec 2023 4:40 PM
Key Level27425.00000
Next Level27125.00000
Pips+300

Welcome to Fed Day trade! It’s a big day on Wall Street, headlined by the latest interest rate decision from the US Federal Reserve (Fed). At this hour, precious metals are showing strength, while risk assets are relatively flat. The USD will be under the microscope as traders debate the future of Fed policy.
In addition to the FOMC announcements, the Bank of Canada (BoC) is due out with an interest rate decision of its own. The BoC is expected to cut interest rates by 25 bps, mirroring expectations from the Fed. Will the cuts actually come to pass? We’ll have real-time coverage of Jerome Powell’s presser beginning at 2:20 PM EST on FOMC Live! Tune into the Howtotrade.com trading room or at Switch Markets on YouTube for all the action.
During the US premarket hours, the MBA 30-Year Mortgage rate fell to 6.30% from 6.37% week-over-week. The trend in mortgage rates has been down, much like the current bearish momentum in US Treasury yields. This suggests that institutional lenders are banking on a dovish policy cycle from the Fed. In short, be ready for a sluggish Greenback as policymakers slash rates to promote economic growth.
It’s been a big few weeks for the NASDAQ100 (US100). The market has extended all-time highs dramatically since breaking above 25,000. Now, there is a new area of natural resistance in view for the US100:
Big Round Number, 27500
When a market trends to all-time highs, the only possible resistance zones are big round numbers. Known as “natural resistance,” these areas often generate heavy two-way action, which sets the stage for short-term pullbacks. Check out our Key Levels for more information on this Trade Idea.
That’s all for now; we’ll see you later today on FOMC Live!

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Other
Key Level 27425.00000
Next Level 27125.00000
Pips +300
XAUUSD
Key Level 3791.25000
Next Level 3808.25000
Pips +1700
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Key Level 2.00950
Next Level 2.01490
Pips +54
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Key Level 1.31750
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Key Level 3989.00000
Next Level 3969.00000
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Pips +1500
USDCAD
Key Level 1.40090
Next Level 1.39590
Pips +50
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Key Level 61.44000
Next Level 60.84000
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Next Level 0.80620
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Next Level 3512.50000
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Pips +2000
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Next Level 0.86390
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Key Level 2.06520
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Key Level 106.09000
Next Level 106.69000
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USDJPY
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USDCAD
Key Level 1.39940
Next Level 1.39090
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USDJPY
Key Level 147.75000
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UK100
Key Level 9027.00000
Next Level 9089.00000
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ETHUSD.
Key Level 4275.00000
Next Level 4555.00000
Pips +80
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Key Level 63.69000
Next Level 63.19000
Pips +50
US500
Key Level 6474.00000
Next Level 6444.00000
Pips +300
UK100
Key Level 9005.00000
Next Level 9095.00000
Pips +90
EURGBP
Key Level 0.86920
Next Level 0.86670
Pips +25
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Key Level 64.79000
Next Level 65.79000
Pips +100
EURCHF
Key Level 0.93260
Next Level 0.93560
Pips +30
NZDUSD
Key Level 0.59320
Next Level 0.59050
Pips +27
USDCAD
Key Level 1.39990
Next Level 1.39270
Pips +72
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Key Level 0.00001
Next Level 0.00002
Pips +1
USDCHF
Key Level 0.80940
Next Level 0.80290
Pips +65
EURUSD
Key Level 1.15270
Next Level 1.16170
Pips +90
EURGBP
Key Level 0.87300
Next Level 0.86790
Pips +51
EURUSD
Key Level 1.17090
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Next Level 65.69000
Pips +70
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Key Level 1.85240
Next Level 1.84890
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Key Level 3507.50000
Next Level 3524.00000
Pips +170
Other
Key Level 4.74500
Next Level 4.14500
Pips +600
USDCHF
Key Level 0.80890
Next Level 0.80290
Pips +60
Other
Key Level 0.00001
Next Level 0.00002
Pips +1
EURUSD
Key Level 1.15510
Next Level 1.16090
Pips +58
NZDUSD
Key Level 0.58820
Next Level 0.59420
Pips +60
GBPUSD
Key Level 1.34650
Next Level 1.35350
Pips +70
USDCAD
Key Level 1.36530
Next Level 1.36530
Pips +60
USDCHF
Key Level 0.79940
Next Level 0.79640
Pips +30
AUDUSD
Key Level 0.64610
Next Level 0.65110
Pips +50
NZDUSD
Key Level 0.59750
Next Level 0.60190
Pips +44
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Key Level 0.00001
Next Level 0.00002
Pips +1
EURUSD
Key Level 1.16920
Next Level 1.17380
Pips +46
EURUSD
Key Level 1.19740
Next Level 1.19240
Pips +50
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Key Level 0.00001
Next Level 0.00002
Pips +1
US30
Key Level 44975.00000
Next Level 44250.00000
Pips +725
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Key Level 199.74000
Next Level 198.74000
Pips +100
USDCAD
Key Level 1.38240
Next Level 1.37590
Pips +65
XAUUSD
Key Level 3327.50000
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Key Level 1.14260
Next Level 1.14790
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Key Level 0.60000
Next Level 0.60450
Pips +45
USDCAD
Key Level 1.37140
Next Level 1.36590
Pips +55
WTI
Key Level 80.44000
Next Level 78.44000
Pips +200
USDCHF
Key Level 0.80450
Next Level 0.80950
Pips +50
WTI
Key Level 65.04000
Next Level 65.37000
Pips +33
Other
Key Level 0.00001
Next Level 0.00002
Pips +1
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Key Level 0.00001
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Pips +1
AUDCAD
Key Level 0.88190
Next Level 0.88690
Pips +50
EURUSD
Key Level 1.13690
Next Level 1.14190
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Key Level 61.55000
Next Level 62.10000
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Key Level 0.00001
Next Level 0.00002
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Key Level 98250.00000
Next Level 99999.99999
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Key Level 0.00001
Next Level 0.00002
Pips +1
XAUUSD
Key Level 3179.25000
Next Level 3279.25000
Pips +1000
Other
Key Level 0.00001
Next Level 0.00002
Pips +1
USDCHF
Key Level 0.83050
Next Level 0.83650
Pips +40
WTI
Key Level 60.89000
Next Level 61.39000
Pips +50
AUDUSD
Key Level 0.62940
Next Level 0.63390
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Other
Key Level 21500.00000
Next Level 20750.00000
Pips +750
USDJPY
Key Level 144.79000
Next Level 145.19000
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USDCAD
Key Level 1.39570
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Key Level 3135.50000
Next Level 3145.50000
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Key Level 0.65350
Next Level 0.64890
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Key Level 285.00000
Next Level 325.00000
Pips +4000
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Key Level 0.00001
Next Level 0.00002
Pips +1
EURUSD
Key Level 1.12600
Next Level 1.13250
Pips +65
BTCUSD
Key Level 89250.00000
Next Level 89750.00000
Pips +500
WTI
Key Level 58.74000
Next Level 58.25000
Pips +49
USDCHF
Key Level 0.83440
Next Level 0.83090
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Key Level 0.00001
Next Level 0.00002
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Key Level 65.64000
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