The Aussie dollar coming off from monthly highs set on SEP 18th at 0.9526. The pair has closed higher yesterday after closing lower for 2 consecutive days. The long term trend in the pair is still to the downside, but another leg up before resumption of the bearish can’t be ruled out.
The SP500 coming off the all-time high set on SEP 19th at 1732.52. The index has posted a 3rd consecutive day lower after forming a bearish pin bar on Sep 19th. Price action might forming an ascending triangle and we could be at the middle of wave E. The pair is currently trading just shy of 1700 level, former resistance now turned support.
The Cable closed higher yesterday after coming from monthly highs, and closing lower for 2 consecutive days. The bullish remains intact as price action is forming a series of higher highs and higher lows. Bias remains to the upside as long as the pair is above Last Wednesday’s low at 1.5890. Another leg down can’t be ruled out before a resumption of the bullish trend.