On Friday, the S&P closed lower than it opened — that said, in premarket trading, it’s up a decent amount. Whether it’ll open and continue up, or open and drop immediately, remains to be seen. I’m going to take each currency’s basket at face value, and then see what happens when the market actually opens
USD [S] – After a big rally at the beginning of the month, this looks like it’s poised to head back down. Friday’s candle was down, and it reached lows as low as Thursday, and today, while it’s moved in both directions, it hasn’t gotten as high as it had on Thursday and Friday, and the lows are right at the same levels — looks like support. If the equities look strong, I’ll be comfortable shorting this, but if they drop, I don’t think I want to go long here
Today’s Pairs
USD/CAD – Short
CAD/JPY – Long
USD/CHF – Short
CHF/JPY – Long
CAD [L] – The last few days, this has been stagnant, but today’s candle is already up a decent amount, but it’s stalled out at some resistance. If it can push through that resistance, I like this to the upside — I’ll see what individual charts look like
EUR [N] – While it’s a large range, this has been in a range since the beginning of the month. It’s on an up-day today, but it doesn’t look like it’s going to sustain, and it also doesn’t look like it’s going to drop too far, either. I’m going to leave this alone until the chart starts to show some more direction
GBP [N] – While this has dropped a decent amount over the last 3 trading days, it’s still right in that range and is stalled out at some support. If it bounce, I could maybe see myself going long here tomorrow, but even that doesn’t look great. I don’t want to chase this until I have more confirmation of it’s direction
JPY [S] – I’m already in a JPY trade, but it’s on another down day and is up against some support. I like my current trade, and if something else looks good (like NZD), I wouldn’t mind being in this twice. We’ll see what the individual charts look like
AUD [N] – This is up again today, but it’s up against some resistance. I like the trade I’m in, but I don’t want to take this long against anything else. I’ll just continue to monitor my AUD/JPY trade and that’s it for AUD today. We’ll see how it looks tomorrow
NZD [N] – This must have gapped up over the weekend because price is higher than Friday’s close, but it’s on a down day. It’s not showing much strength in either direction right now, so I think I’m going to leave this alone for today and see what happens with it by EOD or tomorrow
CHF [L] – While this is up against some resistance, it’s on another up day and looks bullish. It doesn’t have a ton of momentum behind it, as in, it’s not making big moves to the upside, but it definitely looks bullish. I’ll see what a couple individual charts look like and maybe pull the trigger on a CHF trade