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May 17, 2021

Trade Ideas for AC, GOLD, SPX500

TraderNick

AC Stuck in Downtrend, Gold Breaks Key Resistance
5/17/2021

AUD/CAD Analysis 
Aussie employment data is to come out this Wednesday with expectations of unemployment rates staying the same as last month. Recently, CAD pairs have been strong movers, and news coming out on the Buck could also add to recent volatility. Right now, AC is stuck in a downtrend on the 1D chart and touched support on the bottom falling trend line. It is likely to see price come back up to the top of the channel before continuing its downtrend.
Gold Analysis 
Gold breaking above its 200 DMA which looks more like a test than a breakout right now. Gold could be looking a little top-heavy right now, but the overall trend for the past couple months has been to the upside. So, a pullback could be likely in the short term, but then price would probably test resistance at the 200 DMA.
SPX500 Analysis 
Markets are up today after a big recovery from lows last week's inflation fears and tech sell off. New earnings reports beat expectations as investors eye the Fed's eventual attempt to curb inflation and keep interest rates low. SPX500 on the 4H chart borke above its 200 SMA and is now sitting right above it. If price comes down to test that moving average for support, it could be another buy-the-dip opportunity. 

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