The yellow metal was guided by strong upside risks on Wednesday. It hindered near the resistance of the 55-, 100– and 200-hour SMAs, but eventually managed to push through these lines and the prevailing five-week trend-line circa 1.320.00.
Additional push was given by the FOMC policy statement at 1800GMT. As a result, the pair closed the session at a two-week high of 1,335.00. The 23.60% Fibonacci retracement is likewise located nearby.
The current positioning of the rate suggests that some correction south is likely to occur in this session. However, a move below the previously-breached resistance of 1,320.00 is unlikely.
This area is likely to mark a reversal that would allow the pair to resume its upward movement in the senior channel.
