By: DailyForex.com
The markets have been in a holding pattern for the past 12 hours and heading into the Asian session most of the pairs are trading flat or sideways. The exception over the past 12 hours has been a few pairs such as the USD/CAD, which moved a modest 60 pips to the downside (currently trading at 0.920), along with XAU/USD which rocketed higher at the start of the New York Session, gaining over 250 pips in less than 3 hours (trading at 1714.40 at time of writing). Even the AUD/USD that rocketed higher during yesterday's Asian session after the RBA left interest rates unchanged has fallen into a holding pattern along with all of the AUD crosses. There is little word from the US so far with early reports saying that it is a very close race and some are even suggesting a tie is possible. Since we are technical traders we must trade what we see on the charts, and at this time there isn't much we can do unless you are a range trader, or a scalper. But even the scalpers must be finding these conditions difficult as the moves that are taking place are very small. I for one am waiting patiently for the outcome and some market movement.
Happy Trading!
