Forex Analysis | November, 5 2019

USD [Short] – This broke through it’s lower trend-line and through some pretty major support. It’s currently on a bit of a pullback, but failing at that lower trend-line it broke through

CAD – I don’t have a short or long rating on this right now, but I think it’ll move. It did break through support, but not terribly convincingly, and now it’s headed back up for the last couple days (also, the 20MA hasn’t crossed under the 50MA on the daily chart). That said, this could be a pullback, and the breakthrough was convincing, and it’ll head back down. I’m just going to keep an eye on it and see where it goes

EUR [Short] – I don’t actually love this, but it’s moved down quite a bit already today. That said, it’s been ranging for about the entire year, so it’s probably not worth trying to chase right now

JPY [Short] – This is definitely in a low-base pattern right now. If it continues to break through support, it’ll be a really good short. I just need something to go long against it. I’m hoping CAD, but we’ll see

AUD [Long] – This spiked a bit based on the RBA announcement last night, but has since pulled back some. That pullback could be exactly what I need to take a trade here, though. On the daily basket, the 20MA moved above the 50, so hopefully it can push through resistance and have some energy

NZD – I’d hate to be bullish on AUD and bearish on NZD, but that’s almost where I am. NZD is making higher highs, and the MAs are very close, but the downtrend looks a lot more convincing on this chart. I think I’ll leave this alone for today and look again tonight/tomorrow morning

CHF [Short] – This appeared to have turned around and began down-trending around 9/5, though it hasn’t been terribly convincing. It is kind of stalling out at a point of support, but if it can push through that, this could be a short option as well.