Although we’ve seen an impressive bounce in recent trade, overall, the pressure remains on the downside with a lower top sought out ahead of 107.49 in favour of the next major downside extension below the recent yearly and multi-month low at 98.99. At this point, only a break back above 105.00 would delay this outlook and give reason for pause. Below 99.00 exposes the next major support level
in the 95.00 area.
Looking ahead, US JOLTS job openings and the Fed Beige Book stand out as the only notable releases for the remainder of theday