USDCAD and EURUSD only 44% and 46% of the month average range
Today’s price action in the major currency pairs are showing little in the way of price action.
Looking at the table below the low to high trading ranges for the major currency pairs are below the 22 day average (around a month of trading) by 21 to 39 pips. The EURUSD, USDJPY, USDCHF, USDCAD and AUDUSD all have ranges below 39 pips. Compared to the 22 day averages, the EURUSD range is only 46% of the 22 day average, the USDCAD is only 44%. The AUDUSD is around 1/2 of what is normal.
Two things can happen.
1. We can sit in the narrow ranges and continue to chop, or
2. Break and run – maybe making a run to the average (or closer to it).
If you are in the #2 camp, looking for bullish or bias clues helps. Holding a moving average. Breaking a moving average, swing area or trend line. Maybe even failing on break that turns buyers back to sellers or sellers back to buyers.
The hope is there is a break and run and an opportunity to bank a few pips on an intraday trend type move in what has been a quiet choppy trading day so far.