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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.
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