Markets switched to risk-on last session despite the rise in US Covid cases. The back and forth between risk-on and risk-off is akin to flicking a light switch making trend trading very challenging at the moment. You need to choose your battles (read: trades) wisely at the moment as the recent GBP/USD Descending Wedge trade reveals.

NB: please note that there will not be any update on Friday morning.

Data: Watch today with CNY CPI and PPI data.

DXY daily: price action tested and failed at the broken trend line. Watch for any push to the recent low:

Trend line breakouts:

GBP/USD 4hr: this TL b/o has now reached the 1.26 target for 220 pips:

Gold 4hr: up $30 from the bounce off the bottom trend line. It will be interesting to see if this can hold the week above $1,800:

Other markets:

S&P500 4hr: revised trend lines so watch for any momentum-based trend line b/o:

ASX-200 4hr: revised trend lines so watch for any momentum-based trend line b/o:

EUR/USD 4hr:  watch for any momentum-based trend line b/o:

AUD/USD 4hr:  a momentum-based trend line b/o watch 0.70 for any new b/o:

AUD/JPY 4hr:  watch 75 for any new b/o:

NZD/USD 4hr:  watch the 7 -year TL for any new b/o:

USD/JPY 4hr:  a new momentum-based trend line b/o so watch for any further weakness: