Dollar bears were offered ample encouragement during trading on Wednesday with the Dollar plunging across the board following the dovish FOMC statement which eroded expectations over a recovery in the US. Dollar weakness has taken center stage with most commodities receiving a slight welcome boost. WTI Oil surged towards the $40 resistance level as speculations mounted towards a potential supply cut ahead of the April meeting.
– The EURUSD has turned bullish on the daily timeframe and Dollar weakness may provide an opportunity for prices to trade towards 1.1050.
– The GBPUSD is turning bearish and a breakdown below 1.4200 may encourage another selloff towards 1.4000.
– Gold is bullish on the daily timeframe and may incline towards $1300
Dollar bears were offered ample encouragement during trading on Wednesday with the Dollar plunging across the board following the dovish FOMC statement which eroded expectations over a recovery in the US. Dollar weakness has taken center stage with most commodities receiving a slight welcome boost. WTI Oil surged towards the $40 resistance level as speculations mounted towards a potential supply cut ahead of the April meeting.
– The EURUSD has turned bullish on the daily timeframe and Dollar weakness may provide an opportunity for prices to trade towards 1.1050.
– The GBPUSD is turning bearish and a breakdown below 1.4200 may encourage another selloff towards 1.4000.
– Gold is bullish on the daily timeframe and may incline towards $1300
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