Small opportunities are often the beginning of great enterprises. ~ Demosthenes
Good morning. Stocks recovered some of last week’s losses, hence the dollar is sold-off, facing resistance around 80
USD Index
It’s still difficult for the dollar to break above resistance formed around 80 by the downward trendline, so I remain bearish while it holds below that level, expecting a retest of 79 area soon
S&P 500
Former support is being tested and it makes the whole thing look less fragile that a few days ago. It’s worth keeping an eye on this interim barrier
EURUSD
Although EUR has been under pressure lately, it still holds above horizontal support at 1.300. Interim resistance is still valid between 1.3150 and 1.3200 and it’s probably a good idea to consider a buying opportunity on a rally above the said region
AUDUSD
There’s a strong recovery after reaching 61.8% retracement some days ago, but 1.0450 is still intact. If stocks continue to recover, risk pairs – including AUDUSD – should climb higher, so one of the plans to consider right now is to buy on the break of 1.0450
AUDJPY
Quite the same story here, resistance at 85 being in focus since a few days ago as support formed by the fib retracement value is intact. While AUD holds onto gains, there’s only one plan I’m considering and that’s a long entry on the potential breach of 85 in the next days
NZDUSD
Kiwi dollar has been stronger compared to Aussie lately, trading sideways instead of losing much ground against the buck. I’m not a fan of range-bound trading, so I for one prefer to wait for an exit out of this range, and the side doesn’t matter much
Have a great day!
