AUD/USD is trading at 0.65879, 0.04% up since previous day close. The Aussie turned out to be trading on higher side in early trade on Wednesday as USD weakens on an account of dovish bets over future Fed monetary stance & weakening bond yields. On data front, the Australia’s GDP rate grew by just 0.2% lower than expectation 0.5% which may slightly drag down the pair for a while. On Tuesday, the RBA left an interest rate steady at 4.35% as expected which failed to create any major impact on AUD/USD. On contrary, the mixed sentiments over Chinese credit-rating outlook remains vital for Aussie since Australia & China are the trading partners. As seen in the chart, the pair is trading near upper trend-line of channel pattern & hence, a breakout can be expected if breached.

WTI Oil is trading at $72.26, 0.27% down since previous day close. The downward momentum can be seen in Oil prices as fear strikes in over lesser demand from China amid soft economic outlook. Besides this, the voluntary OEPC+ oil output cut of 2.2 mbpd decision was announced in its latest meeting which subdued the prices. The U.S API report showed a build-up in Oil stocks level by 0.594 mbpd against the expected fall in 2.26 mbpd. The traders will be looking forward to the result of U.S EIA report which will be issued today. As seen in the chart, the Oil seems to be sustaining near previous lows which turns out to be make or break point on short term basis.

CHNIND is trading at 5655, 0.05% up since previous day close. The Chinese shares recovered to some extent on Wednesday after S&P Global Ratings showed no change in its rating on China whereas the Moody’s Rating Agency downgraded the Chinese rating to Negative. This turned out to be creating in mixed trading view in CHNIND since last two sessions. The Caixin Manufacturing PMI data rose to 50.7 from 49.5 in the previous month & the Caixin Services PMI rose to 51.5 from 50.4 previously. On global front, chances of less hawkish Fed’s monetary outlook & ongoing Israel-Hamas geopolitical conflict remains vital for equity markets. Wait & watch strategy may be recommended for the day since the index is hovering near lower trend-line of channel pattern.