A massive amount of economic announcements

Looking at the session on Wednesday, there are so many different economic announcements that we believe this could very well be the most important day of the week. We have several announcements coming out of the United Kingdom, China, Australia, New Zealand, and Canada. With this, we are paying attention to several different markets.

WTI Crude Oil rallies

The WTI Crude Oil market rallied during the session on Tuesday as $44 offered quite a bit of support. Because of this, we think we will continue to go back and forth and at this point in time we are buyers of pullbacks in the form of calls as this market should try to head back towards the $48 level.

Chart 1

Gold continues to show support

Looking at this market, you can see that we bounced a bit during the session on Tuesday, which continues to show support somewhere near the $1120 level. With this, we feel it’s only a matter time before the market bounces again, showing a short-term call buying opportunity, but we believe that the market will only run into about the $1140 level, and at that point in time put buyers will step back in and continue to punish his market.

chart 2

GBP/JPY tested 185

The 185 level will be important for the GBP/JPY pair, as this market continues to show quite a bit of interest in that area. With the British pound showing quite a bit of volatility during the session today, some type of resistive candles should come into play as this market continues to drop.

Chart 3

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