Market Update – May 1

Market Update – May 1

ES reversed back below 2939.75 so I’m treating today’s high as a risk point for shorts. Proposed resistance is 2923/32, which were intraday supports on Tuesday. A proposed downside swing target is 2670ish. This is the median line of the bearish fork from the October 2018 high (was support on 3/10 before the 3/12 breakdown). VWAP from the low is currently 2672.50. This figure will rise slightly each day.

Market Update – April 29

Market Update – April 29

To review, USDOLLAR dropped in 5 waves from the March high. The 4/14 low was right on the 61.8% retrace of the rally from the March low. At that point, I was looking for a 3 wave rally back to 12692. Instead, USDOLLAR has traded in a tight range. Price is nearing the 4/14 low. It’s not impossible that the rally into the 4/21 high at 12593 is the entire correction but the correction would be awfully small in both time and price retracement. So, it’s possible that a flat is unfolding. Under this scenario, a C wave rally (probably sharp) will begin from nearby levels (may or may not take out the 4/14 first).

AUD/USD Reaches 6-Week High Amid Easing Restrictions

AUD/USD Reaches 6-Week High Amid Easing Restrictions

AUD/USD rallied to its highest level since March 11 in early trading on Tuesday, as Australia stands out as one of the countries having best managing the Coronavirus pandemic. The country responded quickly, closing its borders and imposing restrictions on movement. With new cases falling sharply over recent weeks, Australia began to ease social distancing restrictions. Sydney’s famed Bondi beach was reopened on Tuesday to local swimmers after a month-long closure.