Forex Analysis | November 7, 2019

USD [L] – I was bearish on USD all week, but today, it’s not looking like that’s the case anymore. It’s basket has pulled back to, and slightly broken through, previous resistance. Equity markets are up, which is also a signal that this should be bearish, but that’s not what the chart is showing. Also, comparatively, this has been the third strongest currency over the last 1.5 days, so I’m now bullish on this

 CAD [L] – My CAD rating has been relatively neutral over the last few days, but today, I think I’m bullish. It was down at the beginning of the week, but reached some support and headed back up. Also, the 20 MA never crossed under the 50 MA, so I’m going to say that this is going to continue upward

EUR [S] – This chart isn’t pretty, but it is showing some relative weakness over the last 5 days. If I need something to short against the other longs, I’ll look here, but for the most part, I want to leave this alone

GBP [N] – Maverick sent out a trade alert this morning that they took a GBP trade, but, to my eye, it’s still basing and doesn’t look like it’s gone anywhere. Clearly, I’m looking at something wrong, maybe I’m putting too much weight on past performance, and I need to have more recency bias… Regardless, it’s not in my plan/repertoire right now so I’m going to leave this alone

JPY [S] – Well I’m in this pair right now, so maybe subconsciously I want to be bearish on this, but, really, that’s what the chart is showing. It’s still in that low base pattern, which I want it to break, but either way, there’s only been one bull candle over the last 4 days (in it’s basket) and it’s engulfed on both sides by bearish candles. Today’s been kind of choppy, but hopefully it continues in that direction. I won’t take a different JPY trade, unless I close my AUD/JPY trade

AUD [L] – Again, I’m in this trade, so maybe I’m forcing it to fit my trade, but this has come back up to a level of resistance and has pushed through it a little. It’s below that level right now, but the trend looks to be heading up, and the 20 MA crossed over the 50 MA recently. I like the trade I’m in, and I like being bullish on this currency

NZD [N] – This has been in a pretty tight range for the last 2 months, and about 4 days ago, it went up to resistance and has been heading back down ever since. It did technically make a higher high, and it’s low isn’t quite as low as the previous low, which (again, technically) indicates an uptrend, but the last few candles disagree. Because of this, I’m neutral on kiwi and don’t want to touch it

CHF [S] – This is still in that descending triangle pattern, but it hasn’t pushed through support yet. I’m not as bearish on this as I am other currencies, but if nothing else looks good, I’m more than willing to pair one of my bullish currencies against this. Also, comparatively (using JPY as the barometer) this is the weakest currency, which adds another feather to that hat