WTI – Buy WTI trade idea explained [Video]
![WTI – Buy WTI trade idea explained [Video]](https://editorial.fxsstatic.com/images/i/West-Texas-Intermediate_2.png)
Potential for further rally.
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Petar Jaćimović
FXCentrum
Petar Jaćimović was born on 8 July 1989 in Jagodina, Serbia.
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AUD/USD holds a positive bias for the fourth straight day, trading above 0.7000 in the Asian session on Wednesday and at three-week highs. RBA Deputy Governor Andrew Hauser's hawkish remarks and inflation concerns underpin the pair. However, the upside appears capped as the US Dollar attracts some buyers amid looming US-Iran uncertainty.
USD/JPY sees some dip-buying in the Asian session on Wednesday, though it remains confined within a multi-week range near 158.50 as the uncertainty over the timing of the next BoJ rate hike keeps Japanese Yen bulls on the defensive. Meanwhile, hawkish Fed expectations, bolstered by inflation risks stemming from volatile oil prices, underpin the US Dollar. However, looming intervention fears could limit JPY losses and cap the currency pair.
Gold extends its losing streak for the fourth trading day on Wednesday, trading 0.2% lower to near $4,115 in the Asian session. The precious metal is under pressure as United States Treasury Yields on the back of significant gains in oil prices in past few weeks.
Top three cryptocurrencies, Bitcoin, Ethereum, and Ripple, are holding steady on Wednesday after a bullish close the previous day. The mild recovery hints at an extended rally as the prevailing bearish pressure eases. Bitcoin trades at $82,930 on Wednesday, holding a bullish near-term bias following a mild rebound the previous day.
With two weeks until the US midterm elections on 3 November, early voting has already opened in more than 40 states. Prediction markets are broadly unchanged since we published our Midterm update, 13 October. The prediction market Polymarket continues to see Democrats winning both chambers as the most likely outcome, with a 62.5% probability.
Gold (XAU/USD) is struggling to capitalize on a weaker US Dollar (USD), after repeatedly failing to establish itself above the $4,200 level. The precious metal remains confined to a relatively narrow trading range despite a combination of developments that would normally support higher prices.
