EURUSD is moving inside an ascending channel on its 4-hour chart and is currently approaching the resistance at 1.0950 to 1.1000. If this area keeps gains in check, the pair could head back to support at the 1.0700 major psychological level or at least until the mid-channel area of interest.
Commodity currencies got beat severely during the session on Tuesday and of course the Australian dollar was no different.
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China’s (FXI, quote) central bank continued cash injections into the money market through open market operations on Tuesday to ease liquidity.
The EURUSD pair gapped at the open on Monday, as the French elections gave traders confidence in the EUR again.
The recent rally for crude oil, came to a shuddering halt this week with Wednesday’s wide spread down candle driving oil prices firmly back towards the $50 per barrel region, and wiping out much of the gains of the last few weeks.
AUDUSD remains in downtrend from 0.7610, the rise from 0.7491 is likely consolidation of the downtrend.
New tax cuts to spur economic dynamism were approved at the State Council’s executive meeting, presided over by Premier Li Keqiang, on Wednesday. Some pilot taxation incentives will be expanded, and the value added tax will be consolidated.
The EURUSD pair pulled back just a bit during the trading session on Wednesday, but still looks bullish and overall the market has been grinding higher sense late December.
The AUDUSD pair fell significantly during the day, testing the 0.75 level.
