FXPrimus has summarized the important market indicators of the day.

Today’s Important Indicators

The Index tested ranging support and resistance levels for another session yesterday, maintaining the “flat markets” narrative.

Currencies and Gold remained stable as well ahead of FOMC minutes, while Oil saw marginal gains on supply concerns.

Today’s Forecast for Important Trading Indicators

• BTC/USD – Bitcoin depreciates towards golden ratio, cycle be complete. Bitcoin price fell to a low of $8040 yesterday, confirming the appetite for moving price to the 61.80% Fibonacci ratio and concurrently to the second extension of the corrective wave, where the cycle completes. It is now possible that the bulls take control unless the market is pushed lower for better entries.

MARKET MOVERS

• EURUSD – Euro holds above 78.6% dip for 5th consecutive session, indecision hints a breakout. Euro-Dollar traded rangebound on Tuesday, corresponding to the up and downside levels for a 5th consecutive trading session, as investors patiently wait for FOMC to drive markets. In Europe, an array of PMI reports is likely to add to volatility today.

• GBP/USD – BoE positive on gradual hikes, gains momentary on mixed eco data. The British Pound ended another session on the sidelines yesterday despite the temporary tilt higher following the inflation hearings, as other UK economic indicators were somewhat disappointing. Today, London traders shift their focus on the actual inflation figures at 08:30 GMT while price moves below the 38.2% Fibonacci.

• USD/JPY – Bearish indecision candle hints a reversal following 4-month high. Another indecision candle, but this time bearish, marked the Dollar-Yen market in the Tuesday session, hinting a reversal which is likely to continue its downward move or correct and continue with the original trend depending on the widely expected FOMC minutes today. Reversal formation right at the golden ratio (61.80% Fibonacci).

• USOIL – WTI lower ahead of EIA, although somewhat mixed as formation looks indecisive. Oil moved lower on Tuesday following API’s report as the agency indicated a build in gasoline stocks as well as in Crude Oil, with analysts expecting a draw of 1.3 million barrels as API reported 1.567 million. Price is trading below $72 per barrel, and this may change today following EIA.

• XAU/USD – Gold uncertainty remains above firm $1280/oz, commodity trails Dollar. Gold completed a 5th consecutive session of indecision as the FOMC day approaches and investors are now looking to shift risk sentiment. Price stubbornly remained above the 61.80% golden ratio which happens to be very close to the bottom of the ascending channel.

• US Indexes – DJ fell by 0.72%, S&P 500 saw a 0.31% decline.
• European Indexes – Both DE 30 and UK 100 declined by 0.40% and 0.65% respectively.
• Asian Indexes – ASX 200 depreciated by 0.16%, Nikkei 225 plunged by 1.18%, Hang Seng trades 1.40% lower.
• US Equities – Bank of America rose 1.11%, Tesla plummeted by 3.33%.