It's All about Politics

Fundamentals

Politics is now front and center. The United States attacked the Sha'irat Airbase in Syria on Friday. According to the US government, this was a response to the Syrian Army’s use of chemical weapons. The United States might launch a full-blown military campaign against Assad. Naturally, Russia condemned the US actions. Therefore, there are now additional risks that could influence some asset values. Once the news of the strike came out, the cost of Brent crude went up 100 points.
In terms of fundamental releases, there's not much action Monday. No macroeconomic indicators that could significantly influence the currency, commodity, or stock markets are expected. Still, the March statistics on housing starts in Canada may be worth watching. The report is being released at 12:15 PM GMT.

Stocks

No major earnings reports are expected.
Meanwhile, the US DJIA is flat. Technically, the index is testing the 9-period EMA on the weekly charts. If it breaks through, the mid-term trend may change. The MACD line is crossing the signal line, which is a signal for a reversal. And volumes are increasing, but the index is not rising.
The MICEX Index, the primary Russian market indicator, fell on Friday. According to wave theory, the Russian benchmark is trading within a correctional triangle. The wave pattern inside a triangle is usually 3-3-3-3-3, and the price is currently following this pattern on the daily charts.

Currency Market

The AUD/CAD pair continued to decline, as we had noted. For the time being, the pair is trading near the support at 1.0053 (a 38.20% Fibo retracement). On the weekly charts, there is a sell signal in the form of an EMA breakthrough. This signal is not yet confirmed, however; for example, the MACD has started falling, so the mid-term trend is likely to reverse and continue declining.
The EUR/JPY pair is currently trading within a widening triangle. It is likely to be trading within the 4th wave that might end at 116.20, where an upward wave may start forming. This is of course just one of many scenarios. The price and the MACD are diverging slightly, which may signal a technical upward correction. Still, as usual, this signal also needs additional confirmation.

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