WTI Exchange rate

AUD/USD has been in the hands of the bears all the way to a critical support area and the focus now is on the correction pertaining to the USD. The focus is now on whether the US dollar gives back some ground before completing a 5-wave technical move to the upside.

Gold prices have deteriorated in the US dollar's relentless comeback as investors move away from stocks. The price of the dollar is correlated to gold, so it stands to reason that if the dollar is about to tail off its gains, then gold should find reprieve.

USD/JPY is stalling at market structure and bears and looking for opportunity to the downside. Bulls might have some upside to go yet, but the air will be getting thinner in those heights.

WTI fades the drop to sub-$39.30 levels for the third consecutive day. The repeated bear failure may entice buyers and yield a bounce. However, Sept. 18 high remains a level to beat for the bulls.

Investors continued to sell euros on Wednesday, driving the currency to its weakest level since July. Europe’s greatest fear is materializing with the number of coronavirus cases exceeding 5 million. As we indicated at the start of the week, stricter restrictions are on their way.