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The Trader Advantage: Sideways Calm Before The Commodity Pair Storm
Excerpts taken from The Trader Advantage Program
Aussie:
The aussie entered in a side-ways range over the last three sessions of trade, even though the euro and the pound pushed higher, which would normally empower the aussie to move. On the daily chart, the aussie has formed two doji-star patterns, denoting indecision and possible swing point. The Aud/Usd’s hesitation to push any higher may have been caused by the weaker than expected macro data released lately from Australia.
Cad:
The cad has come to a virtual standstill overnight, moving less than 20 pips. However, later in the day, the pair is expected to pick up major momentum as the Canadian labor market data hits the newswires at 7am EST. Cad’s daily momentum and trend reads point to investors favoring the short side of the market over the medium term.
Yen:
Usd/Jpy is trading without any serious bias, and housing sporadic intra-day moves that test the resolve of the previous session ranges, but rarely hold for too long. The daily momentum, and trend reads, are both neutral, as the pair is caught trading between the 20,50 and the 100-day SMA areas. In order to move far from here, the yen would need a serious fundamental driver, or at least, additional market-wide momentum.
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