EUR/USD risks falling to support of the trendline rising from Oct. 1 and Nov. 29 lows. The pair carved out an inverted bearish hammer on Tuesday, as it faced rejection at 1.1118 and ended on a negative note.
USD/JPY extends the previous day’s losses to 109.80, the weakest since January 07, while entering the Asian session on Wednesday. The pair registered heavy losses on Tuesday as news of China’s virus outbreaks gone viral.
GBP/USD registers mild losses while trading around 1.3045 during Wednesday’s Asian session. The pair earlier reversed from 50% Fib retracement of its fall from Jan 07 to 14. A two-week-old falling trend line adds to the resistance.
Gold remains on the back foot while trading around $1,556.90 during the Asian session on Wednesday. The yellow metal portrayed a bearish candlestick formation, backed by bearish MACD, during the previous day.
The price of a barrel of oil is topping out just below the 200-hour moving average and a prior support structure earlier in the month as traders get set for the EIA monthly report that will include an estimate for February shale oil production.