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Commodity and Yield Pair Review
AUD/USD The four hour trend is short. The Reserve Bank of Australia held interest rates at 3.75% overnight, going against the market expectancy of an increase to 4.0%. The door was left open for further increases at the next meetings. The initial drop in price may get contained within the 0.8750 Dec 09 low, ahead of a packed week of red flag Australian releases. Stand aside for a session.
USD/CAD The four hour trend is long. The pair moved lower, off the top of a 4 hour chart range that has reversed the price action on each test, going back to Nov 2009. The last five trading sessions have been unable to break resistance, and the path now looks to be lower if equities, oil, and gold can hold onto buyers. Daily Chart: ATR is 105 pips. RSI is heading towards over-bought. SMA is support. Favor an overbought reversal.
USD/JPY The 4 hour trend is short. The USD/JPY pair has been playing tag with the major moving averages over the last 10 days, and in doing so has created a strange looking set of near-term charts. The pair moved higher reaction to threats from the Japanese Finance Ministry that an over-valued Jpy will be addressed if the market does not adjust USD/JPY weakness, Daily Chart: ATR is 105 pips. RSI is at the neutral line. SMA is support and resistance. Favor a straddle.
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