EURUSD is moving inside a rising channel on its 1-hour forex chart, with price just finding resistance at the top of the range. Stochastic is moving lower, indicating that sellers are in control of price action for now. MACD is also heading down, which confirms the bearish momentum.
Worries about the division between OPEC members remained a major driver of oil prices on Wednesday and drove Brent crude oil (BNO, quote) lower. The commodity traded at $78.73 at 8:45 GMT as investors kept an eye on the cartel’s debate over whether or not to cut supplies at next week’s meeting.
The GBPUSD pair initially tried to rally during the session on Tuesday, but struggled in order to hang onto any type of gains, so therefore we ended up falling.
AUDUSD broke below the upward trend line on 4-hour chart, indicating that the uptrend from 0.8540 had completed
EURUSD stays above the rising trend line on 4-hour chart, and remains in uptrend from 1.2358, the fall from 1.2577 would possibly be consolidation of the uptrend.
An unnamed senior India ministry has indicated that India is likely to announce procedures to reduce gold imports as early as today.
EURUSD’s upward movement extended to as high as 1.2577. Further rise is still possible, and next target would be at 1.2600 – 1.2650 area.
GBPUSD remains in downtrend from 1.6182, the rise from 1.5592 is likely consolidation of the downtrend.
AUDUSD stays above the upward trend line on 4-hour chart, and remains in uptrend from 0.8540, the fall from 0.8795 is likely consolidation of the uptrend.
Brent crude (BNO, quote) oil began the week on a low note after GDP data helped confirm suspicions of a global slowdown. The commodity traded at $78.19 at 8:15 GMT, following surprising reports that Japan had fallen into a recession.
