It was a bit of wild price action this morning following a slightly weak GDP and Initial Jobless Claims. The dollar came in offered as EUR/USD and our AUD/USD dealt higher like it was March all over again. But the gains could not be held as we are less than 24 hours away from tomorrow's monster employment report, and nobody seems to want to commit to a direction -- myself included.

I took a long entry in Aussie on the 0.9455 break, which saw a meager move to 0.9475, before the longer-trend reasserted itself with a vengeance. It was a lightly sized position as we are fighting the well established downtrend, and I am mostly interested in protecting this month's gains.

I will be sitting on my hands tonight as we close out the month, but tomorrow my profit and loss gets resets to zero with a full barrel of ammo for the new month.



Todd Gordon is a Technical Currency Strategist and Fund Trader with GAIN Capital Group.

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