The Euro rallied significantly during the trading session on Wednesday, breaking towards the 50 day EMA. However, we have pulled back just a little bit,…
The Euro was trampled by the Dollar today as investors re-evaluated whether the Federal Reserve will cut interest rates in July.
Traders await the meeting of the Bank of Canada and the FOMC minutes. Learn more!
GBP/USD caught a bid in early European trading ahead of a two-day event that stands to create a volatile marketplace.
The Loonie pair was trading well above the major counter trendlines. The pair had broken these counter trendlines on July 8. Later the day, Fed’s Chair Powell would testify before the US Congress.
EUR/USD rose from a three-week low in early European trading on Wednesday as the dollar broadly weakened. Investors await Fed Chair Powell’s testimony later today which will ultimately provide a catalyst.
The current sideways action and the bouncing between technical 50% levels suggests prices are nearly balanced at this time, which means it may take some fresh stimulus to move prices out of the range. Supply news is likely to be the price driver today. At 14:30 GMT, the EIA will release its weekly inventories report. It is expected to show a draw of 1.9 million barrels. Traders could extend today’s early rally if the decline comes in bigger-than-expected.
An air of caution is lingering across financial markets as investors huddle on the sidelines ahead of Fed Chair Jerome Powell’s highly anticipated testimony on Capitol Hill later in the day.
DASH holds onto positive territory early on but could come under pressure as the markets struggle to keep up with Bitcoin…
Based on the early price action, the direction of the NZD/USD on Wednesday is likely to be determined by trader reaction to the 50% level at .6607.
Based on the early price action, the direction of the USD/JPY on Wednesday is likely to be determined by trader reaction to the downtrending Gann angle at 108.968.