The Week Ahead – The World Holds Its Breath, Again

UKOIL(Brent) spiking higher

UKOIL(Brent) has surged in recent sessions after jumping over $10 last week.

• Geopolitical tensions have heightened as the US announced it has completed the latest round of military strikes.

• In addition, Iran is looking for more retaliation after targeting Gulf countries due to the attacks.

• With no end in sight, 92.00 is a critical resistance, with 84.00 a firm floor.

AUDUSD is steadily creeping lower.

206The greenback continues to take advantage of another shift in sentiment as prices steadily fall lower.

• With no major fundamental news events coming out of Australia this week, all eyes will be on the next move of their central bank.

• With the country’s main exports suffering slightly, with copper and iron ore prices down, a continuation lower could advance.

• The pair is drifting towards 0.6920, and 0.7050 is the first resistance to lift.

SPX 500 remains subdued

The S&P 500 extended losses after energy prices are expected to spike again.

• Tech stocks are feeling the heat as energy prices continue to rise.

• Wall Street had a rough week last week as hopes of further record highs were dashed after another dramatic sell-off.

• With the FOMC looking to give more guidance this week, the Fed could pull stocks even lower.

• 7620 is the next target, with 7350 a key support.