During the day on Wednesday, we get Flash Services PMI. This of course will have an effect on the US stock markets, but we also get Crude Oil Inventories, and of course a Canadian interest-rate announcement. Because of this, there will be a significant amount of volatility in our expectations.
WTI Crude Oil pressuring $50
During the course of the day on Tuesday, the WTI Crude Oil market initially pulled back, but ended up finding enough support to turn things back around. Ultimately, looks as if the market is trying to break out to the upside but the $50 level of course will be a barrier. At this point in time, it’s likely that call buyers will continue to be attracted to this market on pullbacks as the momentum is trying to be built up.
British pound rallies
The GBP/USD pair rose during the course of the day on Tuesday, testing the 1.46 level. However, there is a significant amount resistance just above, so this point in time but buyers could get involved and start pushing the market back down. Alternately though, if we break above the shooting star from a couple of sessions ago, we could very well see this market try to rally towards the 1.48 handle after that.
DAX rallies during the day
The DAX rally during the day on Tuesday, breaking above the €10,000 level. If we can break above the €10,100 level, this market should continue to go higher, perhaps trying to reach the €10,400 level, as that was the latest time but in general it looks as if the market could very well continue to climb in what appears to be a bit of an upward channel.
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