AUDUSD heading south
 

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The Aussie continues to bounce lower as prices remain in a bearish channel. The pair has completed a full reversal of the early November rally that saw prices reach the 0.6580 level. However, the low of the rebound at 0.6460 has remained a significant obstacle to crack, and a drop below this level would signal a broader sell-off, making the price vulnerable to a fall below 0.6400. 0.6520 is now a fresh resistance for the pair to recover some losses.
 

GBPUSD probes resistance
 

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Like most dollar pairs, the pound appears poised to erase its recent losses by jumping back above the recent swing high. 1.3220 becomes the latest major resistance as price action claws its way back into buying contention, as this major level has so far held on. A fall below 1.3100 at the bottom of the recent consolidation zone would trigger a correction towards 1.3000, at this month’s low.
 

The S&P 500 breaks lower
 

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The S&P 500 failed to regain its record peak as traders look towards a possible burst in the AI bubble. The index has met stiff selling around 6700, putting the latest buyers on the defensive. A liquidation below 6640 at the current double bottom could dent the bulls’ confidence, and the sell side would see it as an opportunity to continue selling in the hope of a broader correction. The recent gap at 6720 is the level to see if buyers have enough resolve to offer support.

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