Fed Chief Powell Encourages Some Stock Buying

Stocks Rebounds, Dollar Slides After Powell’s Testimony

The US dollar traded lower against all but one of the other major currencies on Tuesday and during the Asian session Wednesday. It gained fractionally against JPY, while it lost the most ground versus CAD, AUD, and NZD, in that order.

Nasdaq 100 — Technical Outlook

The Nasdaq 100 cash index traded sharply higher yesterday, returning back within the sideways range that has been containing most of the price action since October 26th. The boundaries of that range are at 15535 and 16430. With that in mind, we will abandon our latest negative view, and switch back to neutral for now. However, we do see some chances for further recovery within that range.

AUD/JPY — Technical Outlook

AUD/JPY has been in a recovery mode since Monday, when it hit support at the upside line drawn from the low of December 3rd. As long as the rate stays above that line, we will consider the short-term outlook to be positive, but in order to get confident on further advances, we would like to see a break above Monday’s high, at 83.36.

As for the Rest of Today’s Events

During the European session, we get Eurozone’s industrial production for November, with the forecast pointing to a slowdown, while later in the day, as every Wednesday, we have the EIA report on crude oil inventories for the preceding week.

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