AUD/USD – Aussie/dollar stays contained under key resistance
The AUD/USD has been in a trading range for months now, between key resistance up near 0.7700 – 0.7750 and key support down near 0.7445. A bearish pin bar formed last Wednesday at the key resistance of this range, followed by a sell-off on Thursday.
Traders can look to sell this pair this week on any strength whilst under the high of last Wednesday’s bearish pin bar as we could see prices try to re-test the bottom end of this trading range near 0.7450 in the coming days.
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EUR/USD – Euro/dollar retraces higher but downward track in place
The EUR/USD has been trending lower in recent weeks and has easily broken down through multiple key support levels. Last week, we saw price stage an upside rally, retracing higher within the overall downtrend this pair has been in. We still see plenty of bearish pressure overhead and can look to sell up near 1.1125 key resistance or 1.1040 near-term resistance if we get a price action sell signal there.
S&P500 – Stocks under pressure as uncertain election looms
With the upcoming U.S. presidential election fast approaching, the market is pricing in risk here on a potentially unexpected Trump win. You will notice in the S&P500 chart below that price has been grinding slowly sideways to lower in recent weeks, winding up for what could be a strong breakout. The market has already turned mildly bearish and a Trump win could send prices much lower in the short-term. We can look to be sellers this week on any temporary strength, with downside targets at 2100.00 or even slightly lower.
This article was written by Nial Fuller. Nial is a highly regarded professional trader and author. He is the founder of Learn To Trade The Market, the worlds foremost trading education resource. To learn more, visit www.LearnToTradeTheMarket.com