*I’m going to do a fairly quick analysis today and see if there’s any short-term opportunities where I can get in and out today. It’s Friday, so I don’t really want to hold over the weekend, and I still need to update our budget*
Equities dropped yesterday, but closed near the highs. Premarket, everything is up slightly, but it looks like things are going to base here. I’m going to mostly take the charts at face value/lean toward a risk-off day
USD [L] – If this is in fact a risk-off day, I’m expecting this to move up. Also, looking at it’s basket, there’s a pretty clear upside-down head-and-shoulders pattern that has formed. Depending on what an individual chart looks like, I’d be comfortable taking this long, and I’ll be bullish overall on this once it breaks that “neckline”
CAD [S] – This had a pretty strong drop a couple of days ago. Yesterday it moved down quite a bit, but closed near the open and today it’s sitting right at the open again. I think this is poised to move down again/more, so we’ll see what individual charts look like
Today’s Pairs
USD/CAD – Long
EUR/USD – Short
GBP/USD – Short
AUD/CAD – Long
EUR/AUD – Short
GBP/AUD – Short
EUR [S/N] – This is still showing weakness, but it is right up against the lower trend-line/low end of the range it’s been in. I don’t know how much further down it could push, and I definitely don’t want to take this long (today, maybe next week), so if the setup on an individual chart isn’t really clear, I’ll leave this alone
GBP [S/N] – After a breakout, this looked strong, but it appears as though that may have been a false breakout. It’s on another down day, so I don’t want to take this long, but it’s sitting at a level of support, so I don’t really want to take this short. There is a bit of room for this to go if it could convincingly break through support, so I’ll see if there’s a clear setup on an individual chart, but I’m not going to chase
JPY [N] – I honestly want to look at this to the downside today, but I’m not sure if it’s the best idea. It’s on an up-day, but it looks like it’s near the end of a rally and will head back down soon — for that reason, I want to short it, but since it’s up today (and I’m leaning toward a risk-off day), I don’t want to take that risk. I’ll keep an eye on this basket and see if anything changes — if so I’ll revisit shorting this
AUD [L] – I’ve kind of been playing this within it’s range to some success. It’s at the bottom of it’s range right now and is on an up-day. If it continues in this range, there’s a good amount of pips available here, so I’ll see what individual charts look like, and see if I can play some sort of breakout
NZD [N] – This is still ranging. I want to see a breakout to one side or the other before I play this again (unless I play a range-bound strategy, but that isn’t something I’m looking to play today)
CHF [N] – This pullback is looking more like a base. It feels like it wants to reverse and head back down, but it’s not actually doing it. I’m not sure what caused the previous rally, but it shifted my outlook to bullish, so if it’s still bullish, I’d like to see it move above this range. Either way, it’s not showing me anything I like, so I’m going to leave this alone for today