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Trade Desk Thoughts
Commodity and Yield Pair Review
Aussie
The 4 hour trend is short. The aussie declined nearly 1.2 percent on the day while the weekly loss was just over 2.05 percent. The trend is short while the stochastic indicates the pair is oversold. The next major support level for the pair rests at 0.8720 where price bounced just before the holiday season.
Elliot Wave Charts: Final motive wave of an impulse structure reached new lows at 0.8884. Near-term Long correction expected.
Cad
The 4 hour trend is long. The cad is working hard to change the short trend and is sitting just below major resistance in the 1.0700 to 1.0780 area. Above that sits the 200 day moving average which the pair has not touched since May 2009. Favor a long breakout above 1.0760.
Elliot Wave Charts: Final motive wave of an impulse structure reached new lows at 0.8884. Near-term Long correction expected.
Yen
The 4 hour trend is short. The yen has been playing tag with the major moving averages all 10 days. The pullback to the 100 and 50 day helps to show that there is some support there. Should those averages fail a test of the 89.20 area could come into play early next week.
Elliot Wave Chart: A complex correction from 93.76 top may have been done at 89.12. Near-term bullish target at 91.00 region.
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