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Monero (XMR) is holding steady near $336.36 after another failed attempt to clear resistance around $342. The privacy coin remains trapped in a narrow range as buyers defend short-term support near $323, and sellers consistently fade rallies into the mid-$340s.

The US dollar initially did rally a bit during the early hours here on Wednesday but gave back those gains to show signs of life again. Ultimately, this is a market that I think is going to continue to be very noisy in general. But I also recognize that we have a situation where we are basically hanging around between the 1.39 level on the bottom and the 1.40 level on the top. I do think that eventually the US dollar ends up outperforming the Canadian dollar and we do break above the 1.40 level. If and when we do that, I think we've got a situation where traders will really start to look towards the 1.4250 level.

The US dollar initially did rally a bit during the early hours here on Wednesday but gave back those gains to show signs of life again. Ultimately, this is a market that I think is going to continue to be very noisy in general. But I also recognize that we have a situation where we are basically hanging around between the 1.39 level on the bottom and the 1.40 level on the top. I do think that eventually the US dollar ends up outperforming the Canadian dollar and we do break above the 1.40 level. If and when we do that, I think we've got a situation where traders will really start to look towards the 1.4250 level. This would take some momentum, but I think it could come into play.

Tesla looks like it is going to open higher in reaction to the pre-market trading, which is a good sign that we will be able to hang on to the overall uptrend. After all, the market has seen a rough couple of sessions, but the fact that it is showing so much in the way of resiliency is a good sign.

It looks like we are going to see yet another situation like we have seen over the last several days where the Euro gets sold off pretty early. But when the Americans show up, the United States dollar starts to shrink. And I think that is part of what's going on here. American traders are just simply selling the US dollar. That being said, the 1.16 level continues to offer support. And if we were to break down below that level, I think you've got a situation where we could really start to break down at that point, the market could drop to the 1.14 level, which of course is right about where the 200 day EMA is currently hanging around.

Daily Forex, this is Chris taking a look at Bitcoin. Bitcoin has rallied a bit during the early hours here on Wednesday as we continue to see a lot of volatility in this market. Ultimately, this is a market that I think continues to see a lot of buy on the dip behavior. And I will be the first to admit that the market is likely to continue to see plenty of people willing to get involved.

The Australian dollar fell initially during the trading session on Wednesday again, testing the crucial 0.6550 level. The 0.6550 level is an area that a lot of people will be paying attention to as it has been a magnet for price. Furthermore, we also have the 50 Day EMA hanging around in this area, and I think what we are looking at is a market that is trying to sort out where to go next. After all, the Australian dollar has been somewhat sideways for a while, and at this point in time it’s worth noting that the US dollar is strengthening against multiple currencies around the world.

The US dollar has rallied against the Swiss franc during the trading session on Wednesday, as we are now above the 0.80 level. This is a victory for the US dollar, and it’s likely that we will continue to see this market try to build upon this momentum. If we do, then the 0.81 level above ends up being a major target, and if we can break above there, then it’s likely that the market could go much higher. Ultimately, this is a market that has been negative for quite some time, but now we have broken above a significant uptrend line, and it’s possible that we could see this market try to reverse the overall trend.

The British pound initially tried to rally against the US dollar during the trading session on Wednesday, but it looks as if we are starting to fall a bit, perhaps trying to break down below the crucial 1.34 level. If we break down below here, then the 1.33 level is an area that I think will be very important. This is especially true considering that we have seen some action in the past, and of course we have seen the 200 Day EMA aiming for that level as well.

The British pound had rallied early during the trading session on Wednesday, but it looks like it is starting to discover the concept of gravity, after what has been in an explosive 5 days against the Japanese yen. The ¥205 level is a large, round, psychologically significant figure that will attract a lot of attention, and it’s probably worth noting that the candlestick for the session looks to be a bit of a shooting star.