Equities closed lower yesterday, and premarket, they’re down. There’s potential for a base for a couple of days here, so I’m mostly going to take the currencies at face value, but if anything, I’m leaning toward risk-off sentiment
USD [N] – I’m still not comfortable taking this long, even though it’s not showing much signs of weakness and I’m estimating a risk-off day. For the last 3 days, though, price has actually closed really close to the open (even though it moved a decent amount in either direction), and it’s in a bit of a base right now. I’ll wait for this to break to one side or the other before I decide to take any new USD trades
Today’s Pairs
AUD/JPY – Short
AUD/CHF – Short
CAD [N] – This is on another down-day, but I’m still not super comfortable shorting this. Even if I did, there’s been very little movement, so it would be a slow play. Also, while it has been closing lower, the lows of each day are roughly in the same place, so maybe it’s stalling before breaking out again. Maybe it’s gearing up to push lower. I can’t tell right now, so I’m going to leave CAD alone
EUR [N] – I’m already short EUR as of 2:30ish this morning, but It’s on a pretty strong up-day. That said, it’s reached the upper trend-line, and didn’t push through it very far, so I could definitely see this reversing later tonight/tomorrow. I’m not comfortable enough with this to take a new EUR position, but I’m also not going to panic and close my current one. I like where I’m at, and I could see it continuing in my favor
GBP [N] – Still basing/ranging. I don’t like this in either direction right now, so I’m going to leave it alone
JPY [L/N] – I’m overall bearish on this, but it’s reached some support and is currently on an up-day. It’s been in this range for a bit, and this level of support has held pretty strongly, so if I see something that looks really good, with JPY to the up-side (ideally being able to close at the latest tomorrow), then I may pull the trigger, but I don’t want to force anything
AUD [S/N] – Similar to JPY, something has to look really good for me to get into this. This rallied up to a resistance level (it’s been ranging for almost 6 months now), and is heading down. There’s probably a decent amount of pips to be made between it’s current level and the low of the range, if the R:R is there on an individual chart
NZD [N] – This pushed lower again, today, but is stalled out at some support. As of right now, it’s hard to say whether this is a pullback on a bull move, or if it’s a trend-reversing move, but since I can’t tell right now, I don’t want to touch it
CHF [L] – I’m already long here, but it does look really good, so if an individual chart looks good as well, I may just put in an entry order. There’s not a ton to say about this other than the fact that it’s been trending up since the end of December and the last 3 days have made strong bull moves. There is some resistance at the level it’s currently at, but it’s pushed through the last couple of levels, so we’ll see what happens here. Again, if a chart looks really good, I’ll set entry orders, otherwise, I’m happy with the trade I’m currently in