Premarket, equities are down somewhat significantly already today. I’d estimate that once the market opens, though, that they’ll begin to increase (they’ll just open lower than they closed on Friday). I’ll watch the markets to be sure, but I’m going to anticipate a risk-on scenario right now
USD [S] – If the S&P does what I think it’ll do, I’d be quite bearish here. It rallied a bit last week as the equities were down, but the current candle is a down one, and I think that’ll maintain. I’ll double check equities when the markets open, but that’s where I’m at right now
CAD [L] – This finally broke back above that previous new swing high, though it wasn’t able to close above it. The current candle is another up-one, but it’s sitting near the lows right now. I’m bullish on this, and it looks like it has the potential for some strength, so I’ll look for a good entry point in a CAD pair
Today’s Pairs
USD/CAD – Short
CAD/JPY – Long
AUD/CAD – Short
USD/CHF – Short
AUD/CHF – Short
CHF/JPY – Short
EUR [N] – Overall, I’m pretty bearish EUR, but it’s up somewhat significantly over the last 2 candles. I’m not comfortable going long, not where price currently is, so I’m just going to stay away from EUR today
GBP [N] – After reaching the lows that made up the previous high-base, it’s so far stayed within the range of that high base again. I don’t like the pattern that this basket is making so I think I’m going to leave GBP alone
JPY [S/N] – Overall, I’m bearish JPY, but price rallied over the last couple of trading days, creating a new swing high. It is currently on a down-day, and I think it’ll continue down (especially if equities increase), so I’d be comfortable shorting this, but it’s not the prettiest. We’ll see what some of the individual charts look like
AUD [S/N] – AUD has been acting pretty strange since early August. It rallied a bit last week, and somewhat the week before, but looks to have turned over and is heading back down. The most recent 3 candles are down. That said, it’s somewhat at a level of support (that’s been resistance in the past), but if it gets through that level, there’s a decent amount of room for this to run. I’ll look at a couple AUD charts and see if anything looks tradable, but I don’t want to force
NZD [N] – Overall, I’m pretty bearish here, but it had a pullback over the last week or so. The current candle, in it’s basket, is up, but it’s not very convincing. I don’t want to short this, and I’d like more confirmation before I go long again, so I’m just going to leave this alone for today
CHF [L] – It’s not doing so very quickly or convincingly, but this still looks bullish to me. It’s on an up-day, and while it has some resistance, if it could push through that, I think it has a decent amount to run — and some pips available to be made.