What Happened
ING analysts confirmed Taiwan’s technology exports remain on a strong growth trajectory, with export orders holding at elevated levels even as year-on-year growth rates begin to moderate from peak highs. This signals sustained global demand for semiconductors and AI-linked hardware โ a direct tailwind for names like Nvidia, Microsoft and the broader Nasdaq index.
Key Levels
Nasdaq (NDX): Support sits at 19,200 and 18,750. Resistance is found at 20,000 and 20,450.
Nvidia (NVDA): Support at $118 and $112. Resistance at $135 and $140.
ASX 200: Support at 8,100 and 7,980. Resistance at 8,300 and 8,420.
Technical Picture
The Nasdaq remains in a short-term uptrend after bouncing strongly off April lows. It is trading above its 50-day moving average, which is a positive sign. Nvidia’s RSI is sitting near 62 โ not yet overbought, leaving room for further upside. The ASX 200 is also holding above its 50-day moving average around 8,050, supported partly by global risk appetite driven by tech strength.
What Traders Are Watching
A sustained break above Nasdaq 20,000 would be a significant bullish signal, potentially pushing the index toward the 20,450 resistance zone. For Nvidia, a close above $135 could trigger momentum buying toward $140. On the ASX, traders will watch whether the index can hold 8,100 support โ a break below there opens a test of 7,980. Any softening in Taiwan export order data in coming months could be the first warning sign that AI hardware demand is cooling.
Bias
Bullish โ Taiwan’s export strength confirms real underlying demand for AI and semiconductor products, not just hype. This supports further upside in Nasdaq and Nvidia in the near term, and provides a positive backdrop for the ASX tech and materials sectors.
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