Greetings, Everyone and Welcome to Wednesday!
Key Levels are still being adhered to across the Currency Markets, despite high levels of “Rhetoric” out of the ECB, EuroZone Data Points, the surprise from the Bank of Canada and their Rate Cut, and the “Overall” Corrective nature of the Majors against the Dollar and Yen, respectively.
As is usually the case… Large Macro-Moves in Directionality bring Retracements and Corrections along the way… and Tuesday was no different concerning this Premise.
As we discussed with several instances lately… while we deal with the ”Macro-Consolidation of the Building”… the “Individual Artist Lofts” inside the Building are giving substantial Variation with wide Swings in Price and Character.
“CVJ!… There you go again…some weird Art Analogy to Trading!…”, the CVJ Guys say.
“Well… the Readers see my point!”, I say… hopefully… hee hee hee…
We take a look at a Larger Scope with the EUR/USD, Gold and Crude Oil where the InterMarket Relationships and Correlations are slightly evident with additional Dovish Sentiment affecting these Three in similar fashion…. meaning Fear-Based Uncertainty resulting in my Favorite Descriptor of the last couple of years…
Risk-Aversion!
All three Derivatives look at handling “Weight” in various ways… and despite this…still have plenty of “Structural Anchors” to Attract and Repel Price moving ahead…
Here are their Hourly Captures so give them a Click for Commentary, as always… and Post-Time is 3:00 GMT.
As always… more Updates to follow throughout the Day as we prepare for Data Points and the ECB tomorrow, among other Criteria for consideration.
Please join me around 7:00 GMT for the “Currency Majors Technical Perspective” under the Technical Tab of the FXstreet Homepage… as we get moving along with our Day !
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