Market Highlights
1 - RBA lifts rates to 4.1%. Split decision. FOMC tomorrow, March 18th at 2.00pm EST - consensus to hold rates
2 - US major indices close higher for 2nd consecutive day, led by NASDAQ +0.47%
3 - European stock markets close higher on the day, led by FTSE +0.83% AND IBEX +0.92%
4 - Gold unchanged at $5005; Brent up slightly, maintaining above the $100 mark to close at $103.59; Bitcoin continues steady climb higher, adding to the uptrend to close $74.6K
5 - USD sell-off extends for 2nd consecutive day. USDX -0.25%, CHF -0.41%, EUR +0.34%, GBP +0.39%
Daily Price Activity
Insights
USD INDEX USD sold off for 2nd consecutive day, with a lower high and lower low on the chart. Note support matches resistance level from Jan 16th 2026. Sellers will aim to extend the push lower on the way to initiating a new downtrend on the dailies. While consensus points to rates being held at tomorrow’s FOMC, accompanying statements could drive the index’s immediate reaction. Resistance at 99.87 with support at 99.26.
S&P 500 Although buyers did not hold onto early gains, the push higher was enough to secure a 2nd consecutive green candlestick with a higher high and higher low on the chart. Note resistance matches previous support area from earlier this year. Yesterday and today signal the traditional inverse relationship between weak USD and strong equities. Resistance at 6809 with support at 6715.
GOLD Today was an almost replica of yesterday’s price activity - similar resistance, support and close. The trend remains down with buyers barely hanging onto the $5000 mark. Note the fib retracement tool measuring the recent uptrend: current price sits slightly below the 38.2% fib retracement, yet still above the all important 50% at $4903. Gold’s safe haven status has not attracted demand while the US has weakened to start the week. Resistance at $5040 with support at $4973.
BRENT OIL Oil continues to trade within a relatively narrow $4 range with limited moves in either direction. Status quo on the ground = unchanged price movements. The straits remain closed, Iran continues it’s attacks on neighbouring gulf states, as the US fails to get support from NATO and any countries not actively/physically involved in the conflict. Bias, trend and current conditions aimed to the upside for now. The $100 mark entrenches it’s pivotal significance. Resistance at $105.01 with support at $101.17.
BITCOIN Notwithstanding a slight red body, today’s candlestick does reflect a higher high and higher low on the charts, extending the uptrend. Buyers continue to look up to the $80K mark in an attempt to ignite the slow, but steady move higher. Note the fib retracement tool measuring the sharp sell-off from early this year ($97.9K to $60K) now sits at the first test - 38.2% at $74.4K. Resistance at $75.9K with support at $73.6K.
FX Pivot Levels
