By Forex Signs, Inc.
The AUDCAD pair started bearish at today’s opening session; it tried to break support of 1.0114 in H1 chart but failed. After one candle stick, the pair gradually made a reversal. As of press time, the price level already increased by 40 pips. During yesterday’s trade, the pair consolidated at same time frame used earlier. The pair had a bullish breakout but seven candle sticks after, it had a bearish reversal. Albeit the movement yesterday was unpredictable, it does not seem to happen for today’s trade as the technical indicators are strongly suggesting a buy recommendation. The %R (14) has been lingering at the overbought level. It started laid flat at -80 then slowly approached -20. Further, Bill Williams’ Alligator was sleeping at the opening of the trade. It started to open its mouth after 5 candle sticks. The gator seemed very hungry as it was asleep the entire trade yesterday. It looks like the gator will be feeding throughout the entire trade as it starved for a long time.
American Session Outlook
At yesterday’s trading session, the US dollar did not move anything noteworthy as it just consolidated against its six major counterparts in the Asian and European region. However, the trade of Greenback against Swissie was still bearish as it was the entire week. The USDCHF pair fell 68 pips. The incessant increase of the Swissie might be brought about the latter being Europe’s safe haven. Meanwhile, the trade of US dollar against JPY and NZD played safe as it moved sideways throughout the entire session at H1 chart. This movement may be because Japan had a bank holiday while New Zealand GDP posted a worst-than-expected data.
For today’s session, as the Christmas draws near, it looks like the Greenback will be experiencing an upward trend. 11 economic indicators of U.S. is set to be released today, three of which are market-movers. Further, the U.S. economy is expecting a positive feedback from traders as their indicators are expecting an optimistic data as well. Core Durable Goods Order is looking at an increase to 1.7 percent while New Home Sales is predicted to appreciate to 301K from 283k. Truly, it is Christmas in the United States.
In the interim, the Canadian dollar can also expect a boost in the trade as their GDP is expecting a 0.3 percent increase from -0.1 percent.
About the Author
Forex Signs, Inc., Founded in 2006 in Wall Street, New York City, FSI relentlessly strives to be the premier Forex brokerage company in the industry by providing exclusive and unmatched trading and investment related services while constantly developing innovative solutions that cater to the vast requirements of both individual and institutional market participants.
