|EURUSD Pivot Levels||Pivot||Woodie||Fibonacci|
The Cable failed to appreciate yesterday, but 20 and 55-day SMAs still prevented the pair from edging lower. The support remains strong and is expected to cause the Sterling to finally rebound today. The immediate resistance cluster, namely the weekly and monthly PPs, are unlikely to prevent the Pound from surging. Thus, the 1.56 should be easily retaken, while a hike to 1.57 is also possible if the fundamental data provides a sufficient boost. Meanwhile, technical studies are giving mixed signals.
|GBPUSD Pivot Levels||Pivot||Woodie||Fibonacci|
|USDJPY Pivot Levels||Pivot||Woodie||Fibonacci|
Gold was lower for the tenth straight day on Wednesday, as the Dollar continued to appreciate and its strength has impact on Dollar-denominated commodities. The gold futures traded 1% lower to $1,092.9 an ounce by 8:50 AM GMT. The possibility of a rate hike by the Fed later in the year is pushing the Greenback higher. In addition, investors are becoming more bullish in other asset classes and are buying less gold to hedge risk.
Crude oil prices fell on Wednesday, amid oversupply, declining global demand, stronger Dollar, and upcoming US crude stockpiles data. New York-traded Crude for September delivery fell 1.2% to $50.25 a barrel, while the London-traded Brent Crude lost 0.8% to $56.59 by 7:10 AM GMT. Commodity investors are expecting that the US crude inventories decreased by 1.7 million barrels last week.