The direction of the EUR/USD into the close is likely to be determined by trader reaction to 1.2197.
Powell testified before Congress and reiterated the Feds dovish stance, but nevertheless, gold continued to slide.
USD/CAD failed to settle below the support at 1.2490 and is trying to settle above the resistance at 1.2525.
Silver went back and forth on Thursday as we continue to dance around the $28 level. The market looks as if it is building up momentum for a bigger move.
The US dollar has rallied again against the Japanese yen, reaching towards the most recent high.
EUR/USD is testing the resistance level at 1.2175.
GBP/USD is trying to get back above the resistance at 1.4150.
Value-oriented stocks have enjoyed a bit of a bounce recently, with the S&P 500 Value Index rising for a fourth straight day.
Silver markets went back and forth during the trading session on Wednesday as we continue to bounce around just below the crucial $28 level.
Crude oil has rallied close to 30% since early January when Saudi Arabia announced their unilateral production cut to support the market through the winter months of Covid-19 despair. As the market continues to tighten the call for even higher prices has continued to support demand, both from refineries and speculators enjoying the continued momentum. Next weeks OPEC+ meeting is likely to set the tone into Q2 as they decide on whether to bump up production or seek even higher prices before the pick up in demand has stared to fully materialize.
The Reserve Bank of India is concerned that cryptocurrencies may impact financial stability in Asias third-largest economy, a view that could shape looming regulations on the asset that is breaking price-records around the world.
The US dollar has climbed towards the ¥106 level during the trading session on Wednesday to show strength yet again.
The rapid pace of storage draws is poised to accelerate this week when the Energy Information Administration (EIA) issues its weekly inventory report.
Meanwhile, traders will pay close attention to rising Treasury yields.
In today‘s Traders Edge Market Briefing, Tomasz found these amazing setups we thought you’d find interesting!
Gold is 0.1% higher this morning, as it is trading along yesterdays daily close. What about the other precious metals？
The USD/CAD is bearish and we can even spot the M pattern at support. New lows are expected.
German 4th Quarter GDP revisions support the EUR and the DAX. Economic uncertainty caps the market impact, however.
EUR/USD has reached the -27.2% Fibonacci target after breaking above the bull flag chart pattern. The next break could aim at 1.2250.
Oilpice.com is saying the leaders of the OPEC+ alliance, Saudi Arabia and Russia, are reportedly once again at odds over oil supply management.
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