Choosing the best pairs to trade

AUD/USD reverses two steep daily declines in a row, gathering fresh steam and retargeting the key 0.7100 barrier at the end of the NA session on Wednesday. Fresh selling pressure around the Greenback allows the Aussie to regain traction, coming back from Tuesday’s four-week lows near 0.6950.
 

EUR/USD is giving some signs of life in the aftermath of two severe days of losses on Wednesday, reclaiming the 1.1600 hurdle and above on the back of the resurgence of a mild selling bias around the US Dollar. Moving forward, the usual US weekly Claims will take centre stage on Thursday ahead of Friday’s crucial NFP data.
 

Gold keeps its daily gains well in place, although a break above the $5,200 mark per troy ounce still remains elusive on Wednesday. The yellow metal’s rebound comes in response to the persistent flight-to-safety amid intense geopolitical tensions in the Middle East and the bearish performance of the US Dollar.

Morgan Stanley submitted an amended S-1 filing to the US Securities and Exchange Commission on Wednesday, providing additional details on its proposed Bitcoin exchange-traded fund.

At first glance, the latest escalation involving the United States with both Iran and Venezuela looks like another chapter in a long-running geopolitical story. But viewed through a broader strategic lens, something else may be unfolding: Energy.

The US Dollar (USD) eased on Wednesday after a two-day rally drove the US Dollar Index (DXY) near the 100.00 mark. The Greenback ignored the positive employment data and ISM Services PMI as the ongoing war between the US and Iran weights on sentiment.