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The US dollar has been somewhat interesting to pay attention to against the Japanese yen, because it does look like it is trying to change the overall trajectory.
Rupee closed 10 paise higher at 73.15 per dollar, amid volatile trade seen in the domestic equity market.
AUD/USD is trying to get back above the resistance at 0.7760.
EUR/USD declined below the support at 1.2155 and is trying to settle below the next support level at 1.2130.
The Aussie is currently straddling the midpoint of its range for the year at .7743 while the Kiwi is trading just below its same mid-point at .7232.
With gains capped by a weak Polar Vortex and strong LNG demand expected to underpin prices, look for a rangebound trade over the near-term.
U.S. Yields retrace
Trader reaction to 1.2187 will set the tone into the close.
The US 10-Year Treasury yield has been growing since August 4, 2020, when Russia announced a locally developed Covid-19 vaccine.
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.
Chart reading is essential for almost every trader to make decisions.
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
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