USD/CAD faced resistance near 1.2750 and pulled back.
Silver markets have used the 50 day EMA as support over the last couple of days, and the candlestick on Wednesday certainly shows more support as well.
Natural gas has seen significant support over the last couple weeks, but over the last two days we have seen a decidedly negative turn near the $2.80 level.
Silver failed to settle above the 20 EMA at $25.75 and pulled back.
Meanwhile, Inflation Rate and Core Inflation Rate reports show that inflation remains under control.
The API reported late Tuesday a draw in crude oil inventories of 5.821 million barrels for the week ending January 8.
AUD/USD is trying to settle above the nearest resistance level at 0.7760.
Expectations are for a 131 Bcf draw
Silver markets have gone back and forth on Tuesday as we continue to see the market trying to overcome the recent selling pressure.
The US dollar has gone back and forth on Tuesday, as we are levitating near a relatively high level in relation to the last few weeks.
GBP/USD settled above 1.3500 and is testing the resistance at 1.3540.
AUD/USD managed to get below the support at 0.7740 and is trying to settle below the next support level at 0.7700.
The direction of the NZD/USD on Monday will be determined by trader reaction to the 50% level at .7235.
Based on the early price action, the direction of the USD/JPY on Monday is likely to be determined by trader reaction to the 50% level at 104.135.
Speculators pared some short positions in the U.S. Dollar on speculation the Fed would not now increase its bond buying program.
Its a relatively busy week ahead on the economic data front. While stats will provide direction, UK politics and COVID-19 news updates will also influence.
The direction of the AUD/USD early next week is likely to be determined by trader reaction to the 50% level at .7731.
The British pound continues to grind higher against the Japanese yen, as we are looking at trying to get towards the ¥142.50 level.
The early price action indicates the direction of the AUD/USD on Friday will be determined by trader reaction to the pivot at .7731.
AUD/USD is trying to get to the test of the support level at 0.7740.
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