Dear traders,

Last week I published a couple of trading analyses:

  1. AUDUSD
  2. S&P500

They are both showing reversal signals.

I was initially bullish AUDUSD but on Friday it printed a daily bearish engulfing candle, which is changing my point of view.

Now, it looks like the downtrend might continue.

Therefore, I will stay away from the AUDUSD.

On the other hand, S&P 500 is not looking as bearish as last week.

There were a few candles of indecision and Friday printed a small doji on the daily.

Therefore, I will not be taking any action here either.

DAX Trading Analysis 01/08/2021

DAX is looking bullish once again.

There is a pin bar candle on the daily timeframe and the general trend is bullish.

This is giving me the green light from a daily perspective.

I will be looking for a 4H confirmation once the market opens.

If I get on, I will be looking to possibly go long.

Just be extra careful with 15800, since it looks like a heavy area of resistance.

Happy Trading,

Colibri Trader

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