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Cable rallies, Aussie bounces
EURUSD is testing the 1.1300 resistance on Wednesday morning, yet the stronger US dollar could prevent the pair from clearing the offers. The formation of a double top pattern (August 18th high and August 23rd high) could encourage a further downside to 1.1205/1.1200 (100-day moving average) and to the critical 1.1150 (200-day moving average).

The USDJPY traded in a tight range on Wednesday. Surpassing the 100.93 (August 22nd high), the pair could find momentum for a further upside to 101.45 resistance (August 15th high), 102.65 (August 8th high), and the 103.25 (50-day moving average). A break below the critical 100.00 support could cause a drop to 99.53 (August 16th low) and 98.99 (June 24th low).

Cable extended gains above 1.3200. Surpassing the 1.3233 (intraday high), Cable could continue rising towards 1.3370 resistance (August 3rd high), before the 1.3500 mark.The first support is seen at 1.3135 (50-day moving average), if broken, could pave the path towards 1.3030/1.3000 (August 21st low).

AUDUSD trades slightly above 0.7600 mark. A move above the 0.7654 (August 23rd high) could attract carry longs and push the pair towards the 0.7700 mark and 0.7755 (August 10th high) before 0.7834 (April 21st high). Breaking the 0.7565 support (50-day moving average) could cause a bearish inversion of the mid-term trend, with next support presumed at 0.7500 at 0.7460 (100-day moving average).

Gold trades slightly downbeat on Wednesday morning, at $1336 an ounce. The precious metal is approaching the $1332 support (50-day moving average), and a break below this level, could cause a further slide to $1310 (July 21st low) before the $1300 mark. On the upside, a rise above the 1358 (August 16th high) could bring in new buyers targeting a move towards $1374 (July 11th high), before $1400.

Lower Chinese demand and higher US inventories are weighing on oil prices. WTI trades above $47.20 a barrel, and a slide below the critical $46.93 support (200-hour moving average) could cause a further sell-off towards $45 a barrel. The upside is expected to remain limited at $47.95/48.00 (100-day moving average). More resistance is eyed at $49.33 (August 19th high) before $50/barrel.