Overall there is strength in the NZD and USD. Weakness in the GBP with minor weakness in the JPY.
XAU/USD ran into offers during the overnight trade and fell below the key support of $1,234 (50-month MA) as Fed’s Powell’s Senate testimony was mostly upbeat, driven by positive trends in labor market, inflation and economic growth.
USD rose Tuesday, after Federal Reserve Chairman Jerome Powell gave an upbeat assessment of the US economy to Congress. Strong economic growth and stable inflation should keep the central bank on track to gradually raise short-term interest rates, Mr. Powell told lawmakers.
Expectations that the central bank will raise rates at a faster pace have boosted the dollar in recent months, as higher borrowing costs make the US currency more attractive to yield-seeking investors. In addition, an escalation in the trade wars between the US, China and Europe would reinforce the strength in the dollar.
AUD/USD is continuing to cycle close to Wednesday's opening prices near 0.7385 after kicking lower to start off the overnight session, and peaking just beneath the 0.7400 key level.
EUR/USD turns bearish over-night due to the strength of the US dollar. Preference is to remain with short positions below 1.1675 with target at 1.1605. Above 1.1675 look for further upside with 1.1730 as target.
On Data slate there’s UK CPI; UK Retail Price Index; UK House Price Index; Euro-Zone CPI; US Mortgage Applications; US Housing Starts; US Building Permits; US Fed Chairman Powell Appears Before House Panel; US Crude Oil Inventories and US federal reserve Releases Beige Book.
SELL EUR/USD @ 1.1665 OR BETTER – STOP @ 1.1710 – TARGET @ 1.1605
SELL GBP/USD @ 1.3135 OR BETTER – STOP @ 1.3180 - TARGET @ 1.3065
BUY USD/JPY @ 112.75 OR BETTER – STOP @ 112.25 – TARGET @ 113.50
SELL CL0918 @ 67.20 OR BETTER – STOP @ 67.65 – TARGET @ 66.20
SELL AUD/USD @ 0.7400 OR BETTER – STOP @ 0.7450 – TARGET @ 0.7345
SELL XAU @ 1232 OR BETTER – STOP @ 1240 – TARGET @ 1218
SELL XAG @ 15.70 OR BETTER – STOP @ 16.00 – TARGET @ 15.00
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