AUD/USD may lose more ground, EUR/USD fails to break out, gold remains strong, S&P500 finds support.
AUD/USD weakness continues
Early last week in our commentaries we were discussing the potential for price to continue to fall in the AUD/USD following the large bearish reversal that took place on May 3rd after the RBA cut rates. We remain bearish (downward) biased this week and our view is to look for selling opportunities whilst price is below 0.7490 key resistance.
We will be looking for an opportunity to sell this pair at that resistance or nearby should price temporarily strengthen early this week. We see the potential for a re-test of 0.7380 or perhaps even lower if bears remain in control.
EUR/USD bears take control at least for the time being
The EUR/USD appears to have false broke above 1.1450 last week with two daily bars from May 3rd and 6th showing substantial upper tails which is a bearish (weak) sign. That said, any trade on the short (sell) side would have limited downside to 1.1220-40 area. However, a short-term rally (upward move) into 1.1420-50 area in early trading this week might be a selling opportunity for more aggressive traders. A move and close back above 1.1530 would invalidate any bearish view.
Gold strength continues
Our recent views on the gold market have not changed; we still see the support area near 1260.00 – 1250.00 as a firm zone to look to be a buyer of gold from, in line with the overall uptrend in this market. If prices fall down to near that support zone and form a 1 hour, 4 hour or daily chart price action buy signal, we would look to initiate a long / buy position this week.
S&P500 reverses at important support level
We have been looking to buy the S&P500 on a pullback to support in recent weeks, as the overall trend remains up. The importance of the 2030.00 level is something we have discussed recently in our commentaries and we can see that last week price fell down to that level, tested it and bounced higher into Friday's close. We will keep a close eye on that support level this week and we may well see price test it one more time before (if) an upside recovery happens. Traders can continue to look for buying opportunities near 2030.00 but a move and close under 2000.00 would work to invalidate our current bullish bias.
This article was written byNial 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
AUD/USD weakness continues
Early last week in our commentaries we were discussing the potential for price to continue to fall in the AUD/USD following the large bearish reversal that took place on May 3rd after the RBA cut rates. We remain bearish (downward) biased this week and our view is to look for selling opportunities whilst price is below 0.7490 key resistance.
We will be looking for an opportunity to sell this pair at that resistance or nearby should price temporarily strengthen early this week. We see the potential for a re-test of 0.7380 or perhaps even lower if bears remain in control.
EUR/USD bears take control at least for the time being
The EUR/USD appears to have false broke above 1.1450 last week with two daily bars from May 3rd and 6th showing substantial upper tails which is a bearish (weak) sign. That said, any trade on the short (sell) side would have limited downside to 1.1220-40 area. However, a short-term rally (upward move) into 1.1420-50 area in early trading this week might be a selling opportunity for more aggressive traders. A move and close back above 1.1530 would invalidate any bearish view.
Gold strength continues
Our recent views on the gold market have not changed; we still see the support area near 1260.00 – 1250.00 as a firm zone to look to be a buyer of gold from, in line with the overall uptrend in this market. If prices fall down to near that support zone and form a 1 hour, 4 hour or daily chart price action buy signal, we would look to initiate a long / buy position this week.
S&P500 reverses at important support level
We have been looking to buy the S&P500 on a pullback to support in recent weeks, as the overall trend remains up. The importance of the 2030.00 level is something we have discussed recently in our commentaries and we can see that last week price fell down to that level, tested it and bounced higher into Friday's close. We will keep a close eye on that support level this week and we may well see price test it one more time before (if) an upside recovery happens. Traders can continue to look for buying opportunities near 2030.00 but a move and close under 2000.00 would work to invalidate our current bullish bias.
This article was written byNial 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
Interactive Brokers Posts Strong April Metrics, Daily Average Revenue Trades Soar 33%
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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