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US PRE-MARKET MOVERS: NVDA, BKR, RKLB, CAPR, FBRX, QBTS, GOOG, MBLY, RIVN
ES +0.9% NQ +1.3% RTY +1.1%
EURUSD 1 HGUR: Spikes higher on heasdline’
SNB expects to keep the interest rate at zero until the end of 2027, according to reports, citing sources (Newsquawk.com)
This headline caused some jitters but so far only a modest reaction in crude oil.
XAUUSD (GOLD) 1 HOUR: Limited follow through
Opening week gap higher has so far only managed to trade a 30 pip near symmetric range around 4100 (4083-4116). To turn chart in favor of the upside and build momentum for a run at 4166, 4133-41 would need to be broken.
On the downside, gap is to Friday’s 4053 close.
Forex Market Snapshot: USD down but not out
The dollar is trading lower (except vs the CAD) as opening week gaps remain unfilled. Moves have so far seen limited follow through in a reaction to what is still just a fragile pause in US-Iran hostilities.
This leaves markets in a headline watching mode with one eye on crude oil where Brent has fallen sharply from last week’s brief trade above $100 (last $89,13m -7.9%).
For USD traders, EURUSD 1.14 is pivotal after the move up paused below 1.1435.
AUDUSD is currently trading at .7000, a level that has traded in each of the past 9 days.
Market Update: Mind the opening week gaps
Opening week gaps setting a risk on mood and at a minimum restoring a two-way risk.
To suggest a greater reaction, EURUSD would need to stay above 1.14 and US500 regain 7500+ as global markets keep an eye on the price of oil after the sharp opening gap down.
AUDUSD DAILY: 9 DAYS IN A ROW
Opening gap has seen .7000 trade for the 9th day in a row.
Range ovcer this period .6962-.7027
The longer this pattern goes on, the greater the risk of a directional move once it is broken. Otherwise, expect limited follow through until .7000 becomes clear support or resistance.
In our blog; Trading will make sense to you
The Path of Least Resistance: Why Markets Flow Like a River
Have you ever stood beside a river and simply watched the water?
At first glance, it seems almost effortless.
The current glides around rocks, bends around fallen trees, squeezes through narrow channels, and slows as it reaches deeper pools. It never argues with the landscape. It never tries to climb uphill. Instead, it quietly follows the easiest route available.
One day it occurred to me that financial markets behave in much the same way.
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