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Still In Consolidation Mode


Timeline of key events (Times GMT)


Bullish Price Sequence Intact


Trend Outlook Remains Bullish


(H2) Remains Above Key S/T Support

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  • The greenback is consolidating, extending its pullback off the Tuesday highs and helping relieve some pressure off the major pairs - most notably EUR/USD and GBP/USD. News and macro catalysts have been few and far between overnight, with equities rolling off recent highs on the continent. US futures, however, remain solid, with the e-mini S&P pointing to another positive open on Wall Street today.
  • NOK is continuing to benefit from the general risk-on tone as well as the recent run-up in oil prices. This puts USD/NOK back below the 9.00 handle to retrace a small part of the November run higher. Support at 8.9811 has been cleared, opening 8.8473 as the next downside level.
  • NZD is the poorest performer so far in G10, helping buoy AUD/NZD to new December highs and narrow the gap with both the 200-dma at 1.0603 and the October highs of 1.0612 - both of which could provide stiff resistance.
  • The Bank of Canada rate decision takes focus going forward, with the board seen keeping rates policy unchanged, but signalling strongly that rate hikes are highly likely in the near future.