Weekly outlook covering Where AUDUSD resumes the downtrend and XAUUSD, with SPX500 analysis and key support and resistance levels shaping market expectations.
AUDUSD resumes the downtrend
The Australian Dollar continues to lose ground after falling by more than 100 pips last week. President Trump’s key visit to China was met with cheer as both parties look forward to continuing a secure trade partnership, which could offer a boost to the Aussie as China remains Australia’s largest trading partner. If this can continue, the currency pair could be in line for a productive second quarter. 0.7260 is a fresh resistance, and 0.7100 is the closest support.
XAUUSD remains pressured
The broader metals market remains in a downtrend, with investors seeking new lows. The safe-haven demand declined as investors looked to other options as the Middle East ceasefire looks to hold, for now. Bearish momentum remains strong below the 4600 level, with 4500 as the next critical support. Buyers will keep a close eye on the next wave of global events to see if the yellow metal will spike towards 4725 at the next target higher.
SPX 500 remains subdued
The indices markets were the main winners in last week’s trading after hitting multiple record high day after day. Last Friday’s session saw a price pullback in the S&P500, but it might not be enough to deter traders from shifting more funds into stocks. FOMC minutes this week could give some signs of the inflation road ahead as we move past the second half of this quarter. 7600 is the first target for buyers, whilst 7000 remains a solid support.
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