Weekly Technical Forecast: S&P 500, EURUSD, Oil from Tentative Breaks to Tentative Reversals
AUDUSD made a fresh 2019 low this week and with little technical support on the charts another move even lower cannot be discounted. And while the multi-year low a couple of big figures away may not be under threat next week, the RBA rate decision on Tuesday May 7 is likely to prompt volatility.
Crude oil took a spill last week, but with support at its feet look for it to try and bounce after a bit more weakness first.
Pound’s most aggressive rally in three months raises serious expectations that the currency will seriously struggle to meet in the week ahead. Watch for a stall and beware range reversals.
See how retail traders are positioning in the majors using the IG Client Sentiment readings on the sentiment page.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.