A sense of caution envelops the financial markets ahead of the heavily anticipated speech this evening where Janet Yellen may provide clarity on when and how US rates may be raised again in 2016. The inflated expectations of a US rate rise have empowered the Dollar consequently punishing commodities. Gold remains fundamentally bullish while crude oil has found some resistance below $40.
• The EURUSD has turned bullish on the daily timeframe and Dollar weakness may provide an opportunity for prices to trade towards 1.13. • The GBPUSD is turning bearish and a breakdown below 1.42 may encourage another selloff towards 1.40. • WTI is bearish and a breakdown below $38 may open a path towards $35.
A sense of caution envelops the financial markets ahead of the heavily anticipated speech this evening where Janet Yellen may provide clarity on when and how US rates may be raised again in 2016. The inflated expectations of a US rate rise have empowered the Dollar consequently punishing commodities. Gold remains fundamentally bullish while crude oil has found some resistance below $40.
• The EURUSD has turned bullish on the daily timeframe and Dollar weakness may provide an opportunity for prices to trade towards 1.13.
• The GBPUSD is turning bearish and a breakdown below 1.42 may encourage another selloff towards 1.40.
• WTI is bearish and a breakdown below $38 may open a path towards $35.
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