Note: The S/R levels (i.e. likely bank trader order levels) as depicted in their respective timeframes in this and prior articles have not changed, and will probably NEVER change regardless what happens in financial markets. What follows is my own world view, developed from an institutional trading career dating back to 1995.

Markets are jumpy this week, following the drone attack on a Saudi airfield over last weekend. This week’s FOMC result will be under even closer scrutiny as speculators re-assess their risk exposures.

In the background: we are 14 months away from the next US presidential elections. The current US presidential is showing increasing signs of mental instability. Price pressures are off across most economies as central banks cut rates, but the expected Fed rate cut is already priced-in so it may be the case that markets will look for other stimuli to trade on.

On the other hand, the Dow and S&P500 stock index are trading near all-time highs.

The following are H4 charts of the four common major pairs, along with gold.

We also include the daily charts of Brent crude and WTI crude showing the gap-ups following the weekend drone attacks. As can be seen from the daily charts, price action is still largely respecting the long-established natural S/Rs.