The EUR/USD is trading below $1.2180, the lowest since March 1st. The pair is down 0.45% on the day. The primary driver remains the rise of US yields.
The GBP/USD is trading below $1.3940, down 0.30% on the day. US bond yields are around the highs at 3.03% and the US Dollar follows their lead higher.
The USD/JPY is trading above ¥109.20 near the highs of the day which are the highest in 11 weeks. 10-year US bond yields are trading around 3.03%, the highest since 2011 and the US Dollar is rising along them.
Bitcoin touched the highest level since March 13 during early Asian hours before he fortune turned away from cryptocurrency No.1. BTC/USD reversed early gains to trade at $9,450 amid general sell-off on the crypto markets.
Litecoin has been moving in lockstep with Bitcoin and other altcoins for some time now. The sixth largest cryptocurrency with market value nearly $9B touched the highest level since the end of March at $165.94.
Ripple price spiked above $0.93, but the move proved to be unsustainable as the coin quickly reversed the gains and touched 200-SMA (hourly chart) at $0.81 before the sell-off subsided.
NEO price is correcting lower after encountering growing resistance at $84.00 (the highest peak in April). The crypto is testing the key support are at $74.00 on the hourly chart. The price is down 3.12% in the last 24 hours on Wednesday.
The US 10-year Treasury yields keep on rising settling above 3.00% with 3.02% intraday high on Wednesday.
The US Dollar is being well supported by the US Treasury yields rise.
The uneventful day in Europe saw the French consumer confidence picking slightly up in April before the ECB Governing Council meets on Thursday.
The International Energy Agency´s crude oil inventories headline the day together with the Bank of Canada Governor and Deputy Governor testimony.
EUR/USD at risk of falling to 1.2100
Another week ends with the EUR/USD pair unable to abandon its comfort zone around the 1.2300 figure. Indeed, intraday trading was a bit more entertained, and some nervous back and forth suggest that it won't be long until a decision is made.
The Technical Confluences Indicator shows that after the USD/JPY broke to the highest since February, it faces a dense cluster of resistance only at ¥110.25. This area is the meeting place of the Pivot Point one month R3 and the Simple Moving Average 200-one-day. Both are long-term, potent levels.
The pair may face light resistance at ¥109.50, the confluence point of the Bolinger Band one hour Upper and the Pivot Point one day R2. However, these lines are not that strong.
On the downside, the USD/JPY faces plenty of support. An immediate cushion awaits at ¥109.15, where we see a congestion of the SMA10-15m, the Pivot Point one-day R1, the SMA5-15m, and the Bolinger Band 15m-Upper (Stdv. 2.2).
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