Yesterday’s Asian session surprised traders as the three musketeers of the Asian currency rallied against Fiber and Greenback. Despite absence of economic indicators for Japan, Australia, and New Zealand, the three currencies were unstoppable in reaching a bullish sentiment. Their increases were probably because traders seek for a currency haven as the Fiber and Greenback were fighting against each other of which currency should trade higher.
For today’s session, the events of yesterday would probably just mirror as there are no indicators for tomorrow. However, any market moving event that may transpire in America and Europe might cause the Asian currencies to fall as they have been on a pedestal for the entire week already. The need for neutralization is already urgent.
Strong Buy for AUDCAD pair
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.
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