From the desk of Steven Strazza @Sstrazza and Ian Culley @IanCulley
Consolidation and range-bound action have dominated the currency market since late last year.
While commodities and cyclical stocks — especially energy — continue to catch a bid, commodity-centric currencies like the Australian and Canadian dollars fail to show any definitive signs of strength.
At the same time, the US dollar isn’t doing much either, as the US Dollar Index $DXY has been chopping sideways for several months.
Long story short, indecision is the overarching theme for forex markets at the moment.
One forex pair that does an excellent job of illustrating the trendless nature of these markets is the AUD/JPY.