Selling The AUDUSD Pair Under 0.7490 Resistance – May 10th to 11th 2016
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Trade Setups / Chart in Focus:
AUDUSD – Looking to sell AUDUSD up near 0.7490 resistance
Back in our May 3rd commentary we discussed our view of looking to sell the AUDUSD following the huge bearish reversal that formed that day after the RBA cut interest rates. We can see price has fallen significantly lower since then and we feel there’s good potential for more downside in the coming days. We would look to play this by waiting for price to retrace back up to the key level near 0.7490 where would look to be sellers, in-line with the recent bearish momentum.
S&P500 – S&P500 pushes up from key near-term support
As we discussed in our weekly outlook this week, the S&P500 reversed at 2030.00 last Friday and looked poised to recover this week. We can see that price surged higher today, in-line with those recent views. For the time being, it’s all about that 2030.00 support level in the S&P500 and we see that as being the ‘line in the sand’ for bulls and we will continue to look to be buyers on any weakness down toward that level.
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