Crude Oil Inventories Expected to Take Center Stage Today

Economic News

USD

The USD Showed That What Goes Up Must Come Down

EUR

The German Economy Leads the Way For the Euro

JPY

BoJ Expecting a Growing Phase For the Japanese Economy Soon

Crude Oil

Oil Prices Jump Up Bullishly

Technical News

EUR/USD

The pair is currently correcting up on a local level within the bigger bearish trend. The upcoming bearish cross on the 4 hour chart's Slow Stochastic indicates that the bullish trend's comeback is at the doorstep. A strong breach through 1.4700 will probably validate the bearish return.

GBP/USD

The pair is consolidating around the 1.8650 level and appears to be accumulating momentum ahead of the next break. The 4 hour chart is showing moderate bearish momentum, with the Bollinger Bands tightened indicating that a breach might be quite imminent. In case of a violent bearish move, the pair will probably heading towards the 1.8500 zone.

USD/JPY

The pair is still traded within the bullish channel as the direction is currently unclear. No significant breach has been made in either direction, yet there is a bearish hint in the form of a cross on the 4 hour Slow Stochastic. The Bollinger Bands are tightening which indicates that the break is near. Going short with tight stops might be smart today.

USD/CHF

There are no distinct patterns on both the daily and the hourly charts. Mixed signals are being given from both, and it appears that the pair's next move is quite vague. It would be preferable for traders to wait for a clear sign before approaching this pair today.

Source: FOREXYARD