Oil prices steadied near three-and-a-half year highs as the prospect of new u.s. sanctions on Iran tightened the outlook for the Middle East supply at a time when global crude production is only just keeping pace with rising demand. Commodity currencies strengthen. We have lowered USD/CAD sell order and opened AUD/USD long trade.

This is how MyFXspot.com trades today:

EUR/USD
Trading strategy: Long
Open: 1.1905
Target: 1.2150
Stop-loss: 1.1795
Recommended size: 1.82 mini lots per $10,000 in your account
Short analysis: Yesterday's recovery move is continued today. We keep our strategy unchanged.

GBP/USD
Trading strategy: Long
Open: 1.3530
Target: 1.3850
Stop-loss: 1.3390
Recommended size: 1.43 mini lots per $10,000 in your account
Short analysis: Price consolidates around the 200-day MA pivot. A series of doji candles suggest supply is fading. Wednesday's doji plus bullish confirmation today would open up a larger pullout of the underlying bear trend. The reaction to yesterday's BoE decision was muted, which also suggests that bearish move is coming to an end. We opened long at 1.3530.
     
USD/JPY
Trading strategy: Short
Open: 109.25
Target: 110.35
Stop-loss: 107.00
Recommended size: 1.49 mini lots per $10,000 in your account
Short analysis: USD/JPY bulls remain focused on the recent 110.05 peak, a break above which will unmask the key 200-day SMA at 110.19 and the important 110.24 Fibonacci level, 61.8% retrace of the 113.75 to 104.56 fall. Fourteen-day momentum remains positive, reinforcing the upside bias. On the other hand, another failure to break above the 110.05 level could be a sign of trend reversal and we think the second scenario is more likely now.
   
USD/CAD
Trading strategy: Sell
Open: 1.2820
Target: –
Stop-loss: 1.2930
Recommended size: 1.74 mini lots per $10,000 in your account
Short analysis: In our opinion the CAD is likely to strengthen in the medium term as oil prices are unlikely to recede rapidly, also due to tensions heating up in the Middle-East and expectations remain that an agreement on the North Trade deal will ultimately be reached, even after some snags in the past few weeks raised doubts as to whether the current 18 May deadline will be met. We have lowered sell order to 1.2820.
                                                                                                                        
AUD/USD
Trading strategy: Long
Open: 0.7555
Target: 0.7800
Stop-loss: 0.7420
Recommended size: 1.48 mini lots per $10,000 in your account
Short analysis: May 9 doji sees upside extension on May 10. Daily RSI turns up from oversold territory, the 10-day SMA is pierced and a long lower wick forms on the monthly candle. A base might be forming. We opened long today at 0.7555.
 
EUR/GBP
Trading strategy: Long
Open: 0.8780
Target: 0.8960
Stop-loss: 0.8690
Recommended size: 1.22 mini lots per $10,000 in your account
Short analysis: The EUR/GBP closed above the 14-day exponential moving average (0.8779) yesterday and the next resistance level is 0.8844 high on May 4. We remain long.