Stocks have carved out another day of gains on optimism about the re-opening of the US economy and the rise in Oil pricing. There hasn’t been a whole lot of movement across most of the Forex pairs I monitor however meaning that traders will have to choose their battles / trades rather carefully.

 

Data: Watch today with EU Economic Forecasts and US ADP NFP data.

 

Earnings: some more big names report on Wednesday so watch for impact here in the absence of much scheduled news:

 

DXY 4hr: I’d warned to watch for any reaction on pullback at the 100 level and that is what we’ve had! This remains the level to watch for any new make or break:

 

Trend line breakouts:

Oil daily: this wedge / triangle b/o continues and the target remains as the $41.50 region:

 

S&P500

S&P500 4hr: the Bull Flag b/o has stalled at the 4hr chart’s 61.8% fib so watch this level for any new make or break. After that, recall that the 2,900 and 3,000 levels are in great focus as they are near the weekly chart’s 61.8% fib level:

 

S&P500 weekly GFC era: the weekly 61.8% fib level was key back in the GFC era as this was where price rallied to on the first attempted bounce.

 

Other markets:

ASX-200 4hr: watch the 5,450 for any new make or break. After that, the whole-number 6,000 level would feature:

 

EUR/USD 4hr: watch for any trend line breakout. Note on the second 4hr chart though how price has pulled back this week to the 4hr chart’s 61.8% fib so this would be the level to watch for any new make or break:

 

 

Gold:

Gold 4hr: watch for any wedge trend line breakout:

 

Gold weekly: recall that I’m preparing for potential choppiness here though in case this develops into a weekly Inverse H&S. The choppiness would be the formation of the RHS Shoulder:

 

AUD/USD 4hr: Note the declining momentum here. This Bull Flag style b/o stalled at the 50% fib BUT watch for any new momentum push to the 0.65 level:

 

AUD/JPY 4hr: Note the declining momentum here too. Watch for any new momentum push away from current levels:

 

NZD/USD 4hr: Note the declining momentum here as well. Watch for any new momentum trend line breakout following this morning’s better than expected NZD Employment data:

 

Most other charts are pretty much as they were for my weekend update.