AUDNZD SUPPORTS S&P500

Hello traders!

AUDNZD and S&P500 are in positive correlation, not tick by tick, but mostly they are moving together. Even when we see a deviation, they sooner or later somehow catch up each other.

Well, after recent mess up and down on S&P500, seems like it remains bullish, it's just in consolidation mode before the uptrend resumes and it can be easily supportive by AUDNZD currency pair, where we see a quite clear three-wave corrective decline within uptrend. It's mainly because of strong Australian Dollar in risk-on sentiment.

So, with current strong bounce on both, AUDNZD and S&P500, seems like we will probably see them back to highs in the upcoming days/weeks, especially if AUDNZD starts breaking above channel resistance line. Generally speaking, stocks remain bullish, so as Aussie in risk-on sentiment, we just have to be aware of short-term, intraday corrective pullback early next week.

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