The video above outlines the technicals that are driving the major commodity pairs including the USDCAD, AUDUSD and NZDUSD
USDCAD: The USDCAD has been wandering to the downside and trading today with the price moving back below its 100-hour moving average of 1.35353. On the downside, there is solid support in the 1.3496 – 1.3501 area. Within that area sits the rising 200-hour moving average, the 38.2% retracement of the most recent move higher (from the August 10 low), and a number of the swing lows and swing highs going back to August 8. On the top side getting back above the 100-hour moving average at 1.3535 would hurt the sellers today.
AUDUSD: The AUDUSD moved higher in the Asian session, extending away from its 100-hour moving average currently at 0.64128. The subsequent rally to the price up to the falling 200-hour moving average currently at 0.64543, and a swing area on the hourly chart between 0.6453 and 0.64586. Sellers leaned against that level and push the price back lower. Buyers and sellers are battling it out between the 100-hour moving average below, and the 200-hour moving average above. Getting outside of that range (higher or lower) should lead to further momentum in the direction of the break today.
NZDUSD: Unlike the AUDUSD, the NZDUSD was able to extend above its 200-hour moving average at 0.59603 for the 1st time since August 10, but the move above was short-lived, and on the failure, the buyers turned to sellers and are pushing the price back down toward its 100-hour moving averages 0.59299. So like the AUDUSD, the NZDUSD is trading between its 200-hour moving average above at 0.59603, and its 100-hour moving average below at 0.59299. Getting outside of that range should lead to further momentum in the direction of the break today.
This article was written by Greg Michalowski at www.forexlive.com. Source