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EURUSD Daily
After Friday’s savage profit taking, that continued early Monday, EUR went below 1.17400 but just briefly..
Tonight’s close above 1.17800 would give it a chance to overcome 1.18500 tomorrow, but do not jump the gun! It is more important for it to close on Tuesday above tonight’s close – and that would be a clear signal that EURUSD is gunning for 1.20 area.
AUDUSD (4HR)
The Australian dollar, which rallied earlier in the week, has started to ease as momentum fades near resistance around 0.7180–0.7200. Initial gains were driven by a weaker US dollar and improved risk sentiment, but selling pressure emerged into the end of the week.
AUDUSD has since pulled back toward the mid 0.71 range and while the pair remains supported above 0.7000 near-term consolidation is likely. Support is seen around rising short-term moving averages near 0.7110, with stronger support seen closer to 0.7060. Resistance near the 0.7200 region from the March 11 high
Skepical of this as well but would be significant if they do not participate (XTIUSD back above $90)
What is a pivotal level in trading?
Definition:
A pivotal level (often called a pivot level or pivot point) in trading is a price level on a chart that traders expect could act as a turning point—where the market might reverse direction, pause, or accelerate.
I use it as a reference level that sets a short-term trading bias (i. e . bid above, offered below, often can act as a magnet).
Some pivfotal levels are more significant than others (e. g. EURUSD 1.1750, XAUUSD 4800, XTIUSD $90, BTCUSD $75000 vs. less significant levels like US500 7100, USDJPY 159)
… always keeping in mind the overall trend, whether there is momentum,iretracement, reversal or consolidation pattern .
US PRE-MARKET MOVERS: MRVL, NXST, ASTS, QXO/BLD, LLY, ULTA, NXPI
ES -0.5% NQ -0.4% RTY -0.9%
XTIUSD (WTIUSD) 4 HOUR
If the price of oil wasn’t driving other markets I would say look elsewhere to trade.
If trading oil, watch your leverage and trade very short term unless you have a strong stomach and deep pockets.
Meanwhile, keep an eye on $90, which has replaced $100 as the pivotal level.
Key levels: Opening week gap and 82.58 on the downside, 93.95 and 95. 43 on the upside.
Oil 🛢 jumps higher +7.5% this Monday
As tension in the middle east continues 🇮🇷🆚️🇺🇲
With blockade ➕️ closure of the straight
Oil 🪔 is above $90
More talk 🇵🇰🆚️🇮🇷🆚️🇺🇸 were aimed for today or later this week but with tension rising & 🇺🇸 taking a tanker 🛥 talk are facing a jeopardy 📛
On top of it all the fragile cease-fire is ending on Wednesday maybe more talk will commence
XAUUSD (GOLD) DAILY
Unable to shake a focus from 4800, which has printed 4800 for the 5th day in a row
The range over this period has been 4737 (today’s low) and 4888 (Friday high).
This suggests XAUUSD is more of a follower than a leader where follow through should be limited until the pattern around 4800 is firmly broken.
Forex Market Snapshot
Given how many opening week gaps have not followed through during this crisis, it should not be a surprise to see caution at yet another one to start this week.
This has seen opening week gaps filled in EURUSD, GBPUSD, AUDUSD and NZDUSD while the USDJPY gap remains open. There were no gaps seen in USDCAD and USDCHF.
This leaves the focus on news headlines with forex and other markets following the lead set by crude oul.
This headline has seen a modest pullback in energy and reactiopn elsewhere
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