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USA is scheduled to release important economic data at 8.30am. Bernanke’s testimonial later in the day could also be market moving.

EUR/USD: This pair has had a quiet time overnight by trading a very narrow range. Speculators have adopted a cautious tome as they await the start of Ben Bernanke’s testimonial before the US Congress later today. The EUR/USD did slip lower to test its lower Bollinger Band before being decisively rejected by that level.

After climbing decisively above its middle Bollinger Band in the last couple of hours, the pair is now gathering momentum to proceed higher. As such, instigate a CALL binary option if a clean break above 1.3180 is achieved. However, caution is advised as Bernanke comments could seriously alter trading dynamics.

USD/JPY: The Yen weakened against the US Dollar this morning characterized by the USD/JPY climbing by almost 60 pips. The pair initially surged above its middle Bollinger Band before making an assault on its upper band. After being repelled by that level, the USD/JPY has dipped in the last few hours as it corrected its overbought status.

With the pair now starting to proceed higher, consider buying the USD/JPY if it can surge above 100.00.

GOLD TRADING: When the commodity markets reopened this morning, the price of gold immediately plummeted by almost $6 per oz. The precious metal suffered as a direct result of a strengthening US Dollar. Bullion dropped to test a key support level before being assertively rebuffed.

Although gold has managed to perform an anemic rally in the last couple of hours, it has done so with little conviction. As such, gold is expected to now extend its losses during today depending on Bernanke statements. Consequently, activate a PUT binary option constructed on gold if price slumps under $1,283.80.

USD/CAD: The greenback came under pressure this morning from the Canadian dollar as the USD/CAD fell by 10 pips to probe its lower Bollinger Band. This drop followed an initial rise which saw the pair challenge it upper Bollinger Band before being decisively rejected.

Analysts are now advising that the Canadian dollar could strengthen further today especially if Ben Bernanke issues statements that are dovish for the US Dollar. As such, sell the USD/CAD on a sustain break beneath 1.0365.