FxWirePro: AUD/USD snaps six-day winning streak, coronavirus resurgence fears keep the pair depressed
FxWirePro: S&P500 upside capped by 20 day MA,good to buy on dips
S&P500 has recovered till 2687 yesterday and shown a minor decline from that level. The jump was mainly due to US-China trade deal hopes .China is buying huge amount of US soybean ordered up to 2 million tons according to US Soybean Export Council. The index has formed temporary bottom around 2588 and is currently trading around 2657.US stock markets and S&P500 has lost more than 8% from high of 2818 made on Nov 7 at that time US 10 year yield was trading around 3.25% during that time.
The near term resistance is around 2687 (20 day MA and 38.2% fib) and any break above targets 2720/2760/280. The index should break 2760 (200- day MA) for further bullishness.
On the lower side, near term support is around 2580 and any break below targets 2559/2537.
It is good to buy on dips around 2645-47 with SL around 2620 for the TP of 2755.