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AUD/USD Enjoys Upswing, Dollar Declines

By Axiory (Tomasz Wisniewski)Market OverviewDec 01, 2020 05:18AM ET
AUD/USD Enjoys Upswing, Dollar Declines
By Axiory (Tomasz Wisniewski)   |  Dec 01, 2020 05:18AM ET
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The first day of December starts with strong bullish movements on major indices and commodities. Dollar, on the other hand, continues to decline further and it looks like the bottom is not in sight. In today’s trading sniper, I have three instruments from different worlds of trading: index, commodity and currency pair.

We start with NASDAQ, which in the past few days, broke two absolutely crucial resistances. The first one was the dynamic one, so the upper line of the symmetric triangle and the second one was the horizontal one so the 12200. Yesterday, buyers successfully tested that level as the closest support, which helps to lift the price further today. The sentiment is positive.

Now, we will move to oil, where I would like to show you Brent Oil, although the situation on WTI is almost identical. What we have here is a flag formation, with a price breaking its upper line as we speak. Once buyers will manage to close the H4 candle above that resistance, we will get a proper buy signal.

I will finish this with one setup from the Forex world – AUD/USD. The price is enjoying an upswing coming from the weaker USD. Overnight, Aussie went slightly lower but just to test absolutely crucial horizontal support on the 0.734. The test was positive for the buyers, as the price bounced quite rapidly. With that rise, the sentiment is definitely positive, of course as long as we stay above the green area, as the breakout would give us a signal to go down.

AUD/USD Enjoys Upswing, Dollar Declines

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AUD/USD Enjoys Upswing, Dollar Declines

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