Dear traders,

Last time I wrote about the AUDUSD.

It looks like the market is waiting for the FOMC meeting today and I will not be taking any positions beforehand.

AUDUSD is currently in a holding mode, so it would be interesting to see if this support level will be able to hold the price above.

I am looking at another very interesting formation at the same time.

S&P Trading Analysis 28.07.2021

The S&P500 is looking like it might be poised for a bearish environment.

There is a major supply zone just above the current price.

It all depends on whether the price will close below of above it today.

It we see the price closing below and not being able to break above this zone, then this might be a clear indication of downward pressure and some selling off.

Will this be a possible reversal?

It is likey.

What if the market continues moving higher?

This is another likely scenario.

What matters most now is to see where price will close for the day.

This will give us a great indication if a bearish market might be ahead of us.

Happy trading,

Colibri Trader

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