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Commodity Pairs Holding Steady

The four hour trend is Long. The pair is still holding relatively well in Monday trade despite the market’s sell-off. The Australian economy is at the other end of the business cycle compared with the Euro-zone or the U.K economies.

Aussie is expected to trade on weak momentum ahead of the RBA interest rate decision. Daily Chart: ATR is 130 pips. RSI moving long. SMA support @ 0.8880 and resistance @ 0.8980. 1-month 88% correlation to S&P moves. Favor a long, long-term long play.

The cad The four hour trend is Short. Price action is consolidating just below the 1.0550 area, where the 20, 50 and the 100-day moving averages meet. These three SMAs create an important level that once out of the way offer a clear run at the 1.0350 and the 1.0200 areas.

The pair is in the middle of a 4 hour chart channel that is very reactive to S/P and Oil moves. Momentum is strong. Daily Chart: ATR is 105 pips. RSI neutral. SMA @ 1.0560 and 1.0500. 1-month 85% correlation to Oil moves. Favor a short play.

The yen The 4 hour trend is Neutral. The yen is again testing the 89.00 area, but so far, it has failed to push any lower. Intra-day moves are sporadic, with no link to the global markets that is easily readable.
In the last week of trade the pair has got itself oversold as Mr Market and the Bank of Japan battle Jpy valuations. Momentum is weak. Daily Chart: ATR is 105 pips. RSI is at the neutral line. SMA is support and resistance. Favor a straddle.

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