Petroleum Reserves Fall, Pulling the EUR/USD Rate Down

Fundamentals

In the US, the change in pending home sales was released Wednesday at 2 PM GMT. The indicator came in at 5.50%, exceeding the forecast 2.30%. Thirty minutes later, data on crude oil and petroleum product reserves were published. Petroleum reserves shrank to 867,000. The EUR/USD rate reacted by edging downward. In contrast, Brent crude prices rose in the short term, adding around 30 pips in just 30 minutes.
Today, we’ll watch for the US initial jobless claims report. The release is scheduled for 12:30 PM GMT. The QoQ GDP change is released at the same time. The GDP is expected to rise to 2%.
There are also a number of FOMC members speeches today. In particular, Robert S. Kaplan and William C. Dudley, voting members of the committee, speak at 3:00 and 8:30 PM GMT respectively.

Stocks

No earnings reports worthy of attention are released today.
In the US, the DJIA is still on the decline. On the 30M charts, volume is contracting, which provides an opportunity for scalping when the price goes up. As per the Elliott Wave Theory, the US index may have entered the 4th (correctional) wave. On the hourly charts, the support is at 19,850, which is a 23.60% Fibo retracement. On 1W charts, the MACD has crossed the signal line top down, which is a strong sell signal. The correctional wave may continue, but more confirming signals are required to go short.
Meanwhile, Apple shares, traded on the NASDAQ, go on rising. As mentioned in one of our previous reviews, the target may be at $144, only 60 pips away.

Currency Market

The AUD/NZD pair may well have entered the 5th impulse wave per the Elliott theory. The breakthrough of the 9-day EMA broken and the rising MACD histogram indicate continued growth. Also noteworthy is the EMA, which has crossed the middle Bollinger band bottom up. Thus, the short-term resistance may be at 1.1000. However, if the pair has indeed entered the 5th wave, the price may go higher.
The NZD/JPY has been downtrending for a while. Still, on the daily charts, the MACDF and the price are slightly diverging, which is a weak buy signal. Nor can we ignore that the price reached the double top target. Thus, the pair may be consolidating or even bouncing up soon.

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