Premarket, equities are down and it looks, already, like USD is going to be up today. There was a spike in the S&P yesterday, but I’m not sure how sustainable that is, so I’m leaning toward a risk-off day.
USD [N] – As I mentioned, it’s shaping up to be a risk-off day, and this is already up a decent amount. That said, this is trading near a level that’s been both support and resistance, and I think I’m still overall bearish here. I’m not comfortable taking this long, I don’t think, so I don’t want to touch it at all
Today’s Pairs
EUR/GBP – Short
EUR/AUD – Short
EUR/CHF – Short
CAD [N] – Similar to USD, but opposite. I’ve been overall bullish on this, but it’s showing some bearish signs. It looks like it’s rolling over and will begin to head to the downside, but that’s not confirmed. It’s on a down-day, though, and it doesn’t look like it’ll head up anytime soon, unless some new news comes out. I think I’ll leave this alone for today
EUR [S] – This headed up high enough to reach the upper trend-line I drew for this currency last week, and currently it’s heading back down. I’m overall bearish on this, and it’s got a decent ways to go before it reaches the bottom of the range it’s been trading in/the lower trend-line, so I’ll look to short this if there are any longs out there
GBP [L/N] – This is still trading within that range, but it’s at the bottom of said range and on a bit of an up-day. There’s a little bit of resistance, but really, it’s more like previous support that it’s stuck at, and it’s pushed through this level a couple of times before. I’ll see what individual charts look like, there might be some opportunity Long here
JPY [N] – I’m already in a JPY trade, and while I was comfortable being in a second position yesterday, I don’t want to be in a second position today. I’m overall bearish here, but it’s stalled out at some support and is slightly up on the day as of right now. I’m going to just continue to monitor my current trade and try to make some pips, but I’m not looking to trade JPY again today
AUD [L/N] – This is on another up-day, but It’s in the middle of the range it’s been in for a while, and stalled out at some resistance. It’s pushed through this level before, but it’s also failed at this level before and headed back down. I’ll see if there are any levels of support/resistance it has to push through on an individual chart as a good entry point, and set my trigger 5 pips outside of that range for confirmation of the move before I get into anything here — essentially, if it looks really good, I’ll set entry orders, but I don’t want to chase
NZD [N] – This has pulled back from the high it made at the end of last year and has since just been basing. It’s currently at the low end of the base, and is stalling out at some support that’s also been resistance in the past. As of right now, I can’t really make a case for this in either direction (not a compelling one, anyway), so I’m going to go ahead and leave this alone
CHF [L] – This is on another up-day, and has already made a somewhat large move up. That said, it looks like the buyers are losing out because price has pulled back a decent amount already. Overall, though, I’m already bullish here, and it’s on an up-day, so I’m comfortable taking this long. I know I’m already in a CHF trade, so I don’t necessarily want to force anything, but if I see something that makes sense, I’ll pull the trigger