Wall Street will open on Friday with more concerns over a coordinated assault by small traders organizing over online forums.
Extended lockdown measures in the 1st quarter mute the impact of better than expected stats from France and Germany on the EUR and the majors.
AUD/USD faced resistance at 0.7675 and declined closer to the nearest support level at 0.7635.
EUR/USD failed to settle above the 50 EMA and is moving towards the nearest support level at 1.2080.
GBP/USD is trading near the resistance level at 1.3710.
Silver gained strong momentum and is trying to settle above the resistance at $26.70.
Meanwhile, oil managed to show strength as crude inventories declined by 9.9 million barrels.
The crude oil markets have been all over the place on Wednesday, as we are trying to go back and forth between the “reflation trade”, and the lack of demand.
The surprising decline of Germanys Business Confidence put additional pressure on the world markets.
Consumer takes a bigger hit than expected in Germany, with extended lockdown measures weighing on the propensity to buy and income expectations.
Silver markets rallied a bit on Tuesday, bouncing from the 50 day EMA. at the end of the day the market looks as if it is simply waiting on the FOMC.
The direction of the EUR/USD into the close is likely to be determined by trader reaction to 1.2122.
Silver remains stuck in the range between the 50 EMA and the 20 EMA.
NatGasWeather called it “a messy” pattern this week as numerous weather systems track across the country with rain and snow.
Meanwhile, reports about a blast in Saudi Arabias capital Riyadh push WTI oil above the $53 level.
General Electric, Verizon and Johnson & Johnson are slated to report results before the bell, while tech giant Microsoft will announce after the bell.
USD/JPY looks ready for a bullish reversal after a long-term downtrend. Why？ Price action completed a bearish 5 wave pattern at the recent low (purple).
As of 3:30 PM EST, both gold and silver are trading lower on the day. A stronger U.S. dollar is a major component of todays decline in pricing.
Existing home sales surge
The US dollar has gone back and forth during the course of the week, as we continue to dance around the ¥104 level.
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