NASDAQ has punched towards the bearish side and the market has been forming lower lows and lower highs, in fact, forming a bearish trend and contiuation towards the down side. The market may retest the broken support which has now turned resistance and will form a bearish price action to continue moving down.

The ascending trendline has broken out for sells and the entry point is at the retest of the trendline, priced at 15645. This is the bearish area for us.

There is no retracement setup on this pair at this moment.

EMA 50 is bearish now and may retest the resistance level in confluence with the trendline retest. 

RSI is at 31. It needs to be neutralized at the level of 50, in order to confluence and align with the technical parameters.

Trendline breakout and retest for NASDAQ

Aug 02 2023