During the session on Tuesday, we get several announcements coming out of Europe that could move the marketplace, almost all of which have to do with PMI figures. We also get new home construction figures coming out of the United States, and that of course can have an effect on US indices.
WTI Crude Oil
The WTI Crude Oil market continues to grind higher as we have cleared the $51 level, and it looks as if the market is going to continue to strengthen based upon comments coming out of Saudi Arabia that production cuts are going to be extended, and perhaps even expanded. It looks as if buyers have taken control yet again.
USD/CHF
The US dollar continues to fall against the Swiss franc, as we have now approached the 0.98 level. Because of this, looks as if the buyers are willing to jump into this market on rallies, and that being the case it’s likely that the market will continue to see bearish pressure based upon recent history.
FTSE 100
The FTSE 100 rally during the session on Monday, as we continue to see bullish pressure. We are approaching the highs again, and it looks as if the buyers are in complete control. Bullish pressure continues to be the main theme.
AUD/USD: Break the trend-line
The Australian dollar advanced against the US dollar, broke above the falling trend line. Buyers might be interested for the market as the pair is trading above the trend-line. Otherwise, a reversal downward move could offer opportunities to sellers.
EUR/USD: Upwards.
The pair EUR/USD is trading upwards, breaking above the 1.1200. A possible continuation move to this trend, might will be an opportunity for the buyers. However, a reversal downward move, could be an opportunity for sellers.
USD/CAD: Decline
The pair USD/CAD declined back to area of 1.3500. Seller might have an advantage. Contrariwise, a reversal upward move might be an opportunity for buyers.