February finishes with quite some key events. Global data releases, FED speeches and more. This is how the charts of some major currency pairs vs the USD, the Dollar Index and commodities Gold and Oil look, few hours after US President's first Congressional speech post the elections. Markets were looking for clarity on policies and their implementation. While various financial instruments digest the data, lets review some observations from the charts here.
Dollar Index has managed to re-gain some of the recent losses and is back on rise. The Pound, the Euro and the Yen on contrary gave up some gains vs USD to take respective reversal paths. Gold, which is generally inversely correlated to the Dollar, formed a bearish candle (third straight daily bear) within ascending wedge. Good time to enter a buy trade on Gold given some impending resistance and hence an expected reversal. Oil has been trading extremely range bound around its $50 - $55 range since last few weeks. It continued with its zig-zag move within this range as a reaction to the latest data and events with further potential to move north, intra-day.
Look forward to these and other instruments to balance-out / consolidate further during the day at current levels and pick some new directions.