During the day on Wednesday, we get unemployment numbers coming out of Great Britain, and crude oil inventories coming out of the United States. Beyond that, it should be fairly quiet day so were going to pay attention to the following 3 markets:
US Dollar Index
The US Dollar Index rallied during the course of the day on Tuesday, but we more importantly broke above the resistance, and it now looks as if we are ready to go higher. Call buyers should continue to favor this market as a bit of a safety trade.
WTI Crude Oil
The WTI Crude Oil market initially tried to rally during the day on Tuesday, but turned right back around to form a bit of a shooting star. If we can break down below the $44 level, it’s likely that put buyers will be interested in jumping into the market again, and with the crude oil inventory numbers coming out we could get enough momentum to do exactly that.
EUR/USD
The EUR/USD pair fell again during the day on Tuesday, as we continue to test the 1.10 level. If we can break below there, it’s likely that we will try to reach down to the 1.09 level, and possibly even lower than that. Any rally at this point in time will more than likely find resistance above, causing put buyers a jump in again.
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