During the day on Wednesday we get the Unemployment Rate coming out of the United Kingdom, the Claimant Count Change number coming out of the UK, crude oil inventory figures coming out of the United States, and the FOMC Meeting Minutes coming out of America as well. Beyond back, we get the Australian employment figures also. With that being the case will be following several markets, but these 3 are in focus:
AUD/USD
The Australian dollar has been banging against the 0.7750 level for several days out, and that is an area that if we can break above it, it’s likely that the call buyers will jump back into the market and continue to push the value the Australian dollar higher. The employment figures could back this up, just as a move in the gold market could as well.
CAC
The French markets fell during the course of the day on Tuesday after forming a shooting star on Monday. The €4500 level has offered quite a bit of resistance, so it makes sense that we pulled back. At this point in time though, we are getting fairly close to support so call buyers might be interested again and therefore any signs of a bounce could bring call buyers back into this market as it has been fairly bullish of the last couple of weeks.
USD/CAD
The US dollar is rolled over against the Canadian dollar, as oil continues to go higher. Because of this, the breaking of the uptrend line a couple of sessions ago certainly looks like a harbinger of much lower prices. At this point in time, it appears that the put buyers will more than likely try to reach towards the 1.27 level as it was an area of support previously.
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