Markets are very choppy at the moment and not suited for longer-term trend trading. There is great uncertainty about the ongoing economic impact of Covid-19 and the S&P500, despite the recent bounce, still has potential to track the same bearish route seen during the GFC.

Data: Watch today with GBP Retail Sales, EUR German IFO Business Climate and USD Core Durable Goods data.

Earnings:

DXY daily: a bit higher again on the day but note the small indecision-style candles of late:

Trend line breakouts:

Gold 4hr: this Bull Flag b/o is now at $50 but watch for any reaction given price is near the recent High:

AUD/USD: a bit higher despite the higher US$.

AUD/USD 4hr: a small b/o so watch for any push to 0.65

AUD/USD 15 min: there was an opportunity for a very short term trade with this TL b/o but it only gave 1.5 R.

Other markets:

S&P500: the index is still holding under the key 61.8% fib and traders/analysts around the world will be keenly watching to see which way the index heads from here. The growing unemployment levels in the US are daunting and it’s hard to imagine that the index could just continue higher in a ‘business as usual’ manner.

S&P500 daily: watch the resistance zone of the daily Ichimoku Cloud for any new make or break:

S&P500 4hr: watch for any momentum-based TL b/o:

Oil 4hr: watch $10 for any new make or break:

EUR/USD: very choppy as it navigates this 20-yr support TL.

EUR/USD 4hr: watch for any push lower:

EUR/USD 15 min: this chart reveals how choppy recent price action has been.

AUD/JPY 4hr: looks to be heading higher BUT if stocks struggle from here and head lower then this pair could tag along with them. Any break and hold above 70 would be encouraging though so maybe wait for any new make or break from there.

Most other currency pairs trading similarly as per my last update.