It was a very quiet day in the forex market today, with limited price action and limited news. One of the quietest we have seen in some time. Interestingly enough, commodity futures gained today and may be pointing to another bullish attempt on commodities which could cause the dollar to lose a little strength tomorrow. We still have our GBP/USD trade open and will wait for another day for other trades to evolve.

The EUR/USD didn't move enough to trigger our trade and we have a pretty strong bullish divergence forming. The bearish trade has expired and is not valid anymore. We will wait for the divergence to confirm or a break below major support.(see EUR/USD below)

The GBP/USD didn't move as much as we thought it would and we are still right near the entry point for this bullish stochastic trade. We will wait until tomorrow to see if we hit our target. If not, we will look to exit with whatever small gain or loss we may have.(below).

The AUDJPY didn't move and is only confirming this resistance area as a strong barrier. We still expect we will get a bearish signal on this pair but we are open to trading it long or short. Whichever way it breaks, there is a nice target of support and resistance on either side.(below).

The USD/CAD traded in a wider range today, pushing down slightly. We expect the pair will test 1.0450 likely tomorrow. If price bounces here, we will be looking for a bullish trade and then if we break 1.0750 again we will look for this to be a confirmed (slightly distorted) inverse head and shoulders pattern. If price breaks support watch for 1.0259 to be tested and then possibly a return to parity.(below).

Blake Young is Senior Currency Strategist for ShadowTrader.net.

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