During the course of the session on Wednesday, we get the Crude Oil Inventories number, as well as the interest-rate announcement and accompanying statement from the Royal Bank of New Zealand. With this, it’s very likely that we will have focused trading during the day.
WTI Crude Oil
The WTI Crude Oil market rally again during the course of the day on Tuesday, but as you can see we are starting to come close to an area of interest in the form of the $44 level. Because of this, it’s very likely that the market will attract put buyers. The question of course is whether or not they can take control. With the inventory numbers, it’s likely that we will get that answer.
Silver
Silver markets look like they are trying to find support again, and therefore perhaps trying to stay within the consolidation area that we have been in for some time. With this, call buyers are going to be more than likely somewhat encouraged buying this move as the bounce looks likely based upon history.
NZD/USD
The New Zealand dollar looks like it’s trying to find a bit of support at the 0.71 level, but the interest-rate announcement and more than likely the statement, will have a massive effect on this market. At this point though, it certainly looks as if the call buyers continue to push this market higher so keep that in mind.
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