Three FOMC Members Speak Today

Fundamentals

The US trade balance was released Tuesday at 12:30 PM GMT. The balance came in at
$-64,8В, exceeding expectations by $2B. However, this number didn’t influence the value of the USD in any way.
The consumer sentiment index released Tuesday at 2 PM GMT beat expectations, reaching 125.60.
As for monetary officials’ speeches, Stephen S. Poloz, the Bank of Canada Governor, spoke on progress and transparency yesterday, with no mention of monetary policy.
Today, three FOMC members speak. Charles L. Evans, a voting member, speaks at 1:20 PM GMT. Eric Rosengren’s speech is scheduled for 3:30, while John Williams takes the floor at 5:15. Both Rosengren and Williams are FOMC non-voting members.
The US Department of Energy releases its regular Wednesday report on total crude oil and petroleum product reserve of today at 2:30 PM GMT.

Stocks

In terms of Wednesday’s earnings reports, the only one of interest is that of Russia’s PIC Group, Inc.
Meanwhile, the Russian stock market corrected upward. Remember that on the hourly charts the MICEX Index formed a gap on March 27. We can’t rule out counter attacks by bulls to close this gap. In the short term, there is still a probability that the index is at the start of an incipient 3rd impulse wave. Some bulls might therefore try to buy stocks on the cheap. Still, they will hardly be in a hurry to build up their long positions for now. The situation might change if the inverted head and shoulders pattern is confirmed and the neckline is broken through.

Currency Market

The EUR/USD pair overcame a significant hurdle at 1.0800 on Tuesday. If the common European currency manages to remain above this price level (and this breakthrough is not a false one), 1.1000 may well become the next target. The divergence of the price and the MACDF on the daily charts is a warning sign, which may confirm that the bears might try to counter-attack. On a positive note, the EMA is rising on the weekly charts.
The EUR/CAD pair may fail to close above 1.4520 (a 61.80% Fibo retracement) on the daily charts, so we can expect a downward correction phase for the pair. However, short positions can be opened only after the appropriate confirming signals from the major indicators. Among the preliminary signs of a decline, one might note that the price is testing the upper Bollinger band, where a vague double top is forming.

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