S&P index (SPX 500) moves to another record
The S&P index and the other US indices have moved higher after a robust earnings season so far. 5700 at the base of a bullish extension is a crucial level to see if the price action continues higher. Any exposure to any downside would potentially open the door to 5500. 5900 would be the first hurdle to clear to set another milestone at 6000.
AUDUSD stuck sideways
The Australian dollar looked to halt the sell-off as prices found some support. The pair remained under pressure after falling below 0.6800. Two subsequent attempts to turn things around have failed as the pair hit a series of lower lows. A drop below the recent bottom of 0.6660 would make the Aussie vulnerable to a new round of sell-off, with 0.6500 as a possible target. 0.6760 is the first resistance in case of a bounce.
USOIL breaks lower
WTI remains bearish after recent global tensions simmered. The double bottom at 67.00 could prove to be a robust support. A close back above 71.00, a support-turned-resistance that previously capped last week’s rebound, could prove that bulls are still in the market. A break above the psychological level of 70.00 would probably be the sellers’ last stronghold and might extend a rally above 76.00. 67.80 is the immediate support as the RSI moves into the oversold area.
