Hey guys,

It’s been another warm weekend of breathing smoke in Sydney as out of control bushfires have continued to threaten homes along the southern ring of the city.

Judging by the fact the smoke outside seems to be dissipating, I think the danger to houses around the area is gone, but we’ll see.

I can’t believe how much of a great job the firefighters do to save houses every time one of these blazes starts to run.

Thanks guys!

Market Overview

With yesterday’s weekly market preview focusing on the higher time frame zones that we will look for intraday setups to form on the right side of, there was no fundamental overview to start the week.

It’s only Tuesday morning in Asia and we haven’t really missed much. The fundamental narrative that markets are going to be running off headlines around is still the weekend’s bombing of Syria and the threat of war that comes from it.

Tensions between Russia and the West remain high and traders continue to approach global markets with a cautious approach. Add in lingering concerns around Chinese trade and quarterly earnings numbers being released in the US and you have a nice cocktail of risk to shake up before you have a drink.

You’ll see on some of the key charts below however, that the bulls are still, surprisingly to me at least in terms of the SPX technical position that is set up to be annihilated, hanging in there.

Remember, please use the setups you see on the intraday charts here, in conjunction with the weekly zones and sentiment I talked about in yesterday’s weekly preview blog.

Forex Markets

We’ll start with forex markets today because the battle of conflicting sentiments between good data and the threat of war, is most clear here.

We have Fed speakers still harping on about continued rate hikes as retail sales data for March was released overnight above expectations. This should equal good buying support for the US Dollar... but it’s not.

Take a look at the US Dollar Index chart below:

USDX Daily

So we have a hawkish Fed, bullish data and a USDX chart sitting at daily support that just can’t bounce. Let me tell you, this is not filling me with optimism when it comes to USD/JPY longs:

USD/JPY Hourly

As we highlighted in yesterday’s weekly market preview blog, with USD/JPY above key higher time frame support, this intraday stepping pattern gives us a chance to keep building a larger long position.

The trade is on, until it’s not on anymore. Pretty simple way of looking at it, but the best analysis is often the most obvious. Remember this.

Indices Markets

Frustratingly, the SPX gapped up last night to start the week with a bang. Price push straight to the top of our intraday supply zone and has the setup now flirting with trouble:

SPX Hourly

Like I keep saying, I’m shocked by the strength that the index has shown, but that’s the world we live in and the system we trade in.

If you know what I mean...

Cryptocurrency Markets

That EOS zone that we’ve been bought is just pure sex though, isn’t it?

EOS/USD Hourly

Intraday buy level bounces and then another rejection into the higher time frame resistance zone.

This sort of in and out range trading isn’t really my personal style, but I know a few of you are loving life right now off the back of how predictably technical this market is trading.

God I love EOS.

✌🏻.

Return from Where are you USD Buyers? At Least EOS Continues to Shine to forexbrokr's Web3 Blog