GBPUSD probes resistance
Similar to most dollar pairs, Cable attempts to erase the recent losses but jumps back above the recent swing high. 1.3000 becomes the latest significant resistance as price action claws its way back into buying contention. This significant cap has so far held on as the downward pressure fell over, pushing bids past 1.2960 and then 1.2850. A fall below the latter would trigger a correction to the bottom at 1.2760 as the US Presidential Election (America vote) rumbles on.
AUDUSD turns north
The Aussie continues to bounce higher after a weakened greenback. The pair recouped some losses from the October sell-off. However, the peak of the rebound at 0.6620 has remained a major obstacle and could be out of reach if the dollar remains volatile over the next few days. A drop below 0.6540 would signal a broader sell-off, making the price vulnerable to a fall below 0.6500, where a bearish breakout would send the pair to a multi-month. 0.6650 is now a fresh resistance.
SPX 500 breaks lower
The S&P failed to regain its record peak as traders are now looking towards a hard landing for the economy. The index has met stiff selling around 5800, putting the latest buyers on the defensive. A liquidation below 5400 could dent the bulls’ confidence by revealing weak follow-through interests, and the sell side would see it as an opportunity to continue selling in the hope of a broader correction. 5775 at the base of the recent gap is the next level to see if buyers have enough resolve to offer support.
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