AUDUSD clawing back losses
The Australian dollar bounced back, taking advantage of falling yields as the pair found firm support.
- The pair remained under pressure after previously falling below 0.7000.
- However, a jump higher to test 0.7020 has put bulls on the front foot.
- A drop below the recent bottom at 0.6960 would make the Aussie vulnerable.
- 0.7060 is the next resistance in case of a sustained bounce.
USOIL remains subdued
WTI remains in bearish mode, as hopes of an end to the Iranian war increased.
- A break through the double bottom at 95.00 was a strong sign of a bearish continuation.
- A close back above 94.00 could show bulls remain in the market.
- A move past 86.60 would be buyers’ last stronghold and could extend the rally.
SPX 500 moves within reach
The S&P, as well as the other US indices, moved higher as ripple effects from the Midterm elections continued to affect the market.
- 7630 at the base of the open gap is a key level to see if prices continue higher.
- Any exposure to downside would potentially open the door to 7500.
- 7720 is the first hurdle to clear to set another milestone at 7850.
