Forex Pros Blog

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Greetings, Everyone and Welcome to Thursday!

While we work with all of the Macro-Data, Inflationary Talk, Jawboning Rhetoric for or against The Dollar, Range-Bound Markets, Gold and Oil leading or lagging The Dollar and Equities… and last but not least… Your Dog barking at The Moon!… We always have Pure Technicals to guide us in our Trading Decisions.

Most of you know me by now and realize my enjoyment of Fundamental Data and Event-Risk Concepts… but at heart… I am truly a Technical Guy!… Really!

I try to keep things rather clear and straightforward in The Blog concerning Analysis, and will use a lot of “Sentiment” Concepts as well to reinforce Clarity.

With that being said, let’s take a look at The Aussie and The Loonie, as we throw in Gold and Oil for some Correlation Ideas as well.

These two Units have such a direct relationship to Gold and Crude Oil, as we all well know, that it is necessary to understand their Correlations will wind in and out of each other all the time from an IntraDay Perspective.

It is important to realize that each Unit here must be accepted on Its own Merits and Characteristics, and simply not “assumed” to always be in Complimentary Correlation all the time.

( In these Cases… “Complimentary” being Oil and CAD flowing “Inversely”… and Gold and AUD flowing “In Tandem”…)

Here are the Hourly Views of all Four Units, so please give The Captures a Click for Various Reference Levels.

Post-Time is 2:00 GMT.

As we can see across ALL of these Units… we have IntraDay Consolidation.

At this point from a “Trading Perspective”… we may simply use standard Support and Resistance Strategies to work within The Ranges as long as no Clear Breaks above or below The Outliers are Seen.

My Commentary is sort of “subversive” here… as my entire Point is to really emphasize how “Clear and Effective” Simplicity can be!

Technical Analysis can be as deeply Complex as you wish… and I can keep up with most… but is it really Necessary all the time to have Charts that are so busy… with such complex Commentary… that you do not even know where Price is?…

I thought these Four Units would be fine to Illustrate these general Points in how we “See” these Markets Day In and Day Out.

Sometimes… Simplicity truly is Better.

As always, please join the somewhat- ”Jekyll” Side of me around 6:30 GMT for some Immediate-Term Analysis of The Four Majors with The “Currency Majors Technical Perspective” Report… to be followed by a “Real” Blog Update for all of You!… as opposed to my little “Lesson” here…

I hope to see all of You then!