On Friday, equities were down quite a bit, and premarket today there’s more of the same. This looks to be another risk-off day, which is good for my long USD trade that I’m currently in. If I’m correct, I’d be comfortable taking USD long again, we’ll see how the rest of the charts look
USD [L] – As I mentioned, I’m bullish here and would be comfortable taking another long USD position based on equities. Another point in the case for USD is the fact that price broke the neckline of the reverse head-and-shoulders pattern that it formed over the course of the last couple months. Let’s see what I can pair against it
CAD [N] – After having a strong down move last week, price seems to be in a bit of a basing pattern. It’s moved quite a bit over the last 3 days, but has continually closed near the open. It’s up a bit today, but has reached some resistance. I think I’m going to leave this alone for now and see what it does later/tomorrow
EUR [N] – This reached the bottom trend-line last week, and today it’s up a decent amount. This doesn’t bode well for my current EUR trade at this moment, but maybe things will change. If I wasn’t in an EUR trade right now, I might look to take this long, but I’m going to let my current trade play out before I do anything else with EUR
Today’s Pairs
AUD/USD – Short
NZD/USD – Short
AUD/JPY – Short
NZD/JPY – Short
AUD/CHF – Short
NZD/CHF – Short
GBP [N] – This is still in a pretty tight base, and at this moment, I don’t want to do anything with this. I’ll wait until later today/this week to see how this behaves before I decide to do anything with it (if at all)
JPY [L] – This has been up pretty strong over the last week, and if we’re in fact in a risk-off environment, that should continue. This has made somewhat new highs and has broken through resistance, so I’ll look to take this long if I find any shorts
AUD [S] – It looks like I may have missed the boat on this one, but this pushed strongly through the support that’s been holding since last September. I’ll definitely look to short this today
NZD [S/N] – This is down today as well, but still within it’s base. It’s pushed through support, but not very convincingly yet. I’ll see if there’s some breakouts I can play with this vs USD or JPY
CHF [L] – This is on another up day — it looks like the down move was just a pullback. It’s up against some resistance, but if it can push through, it has some room to run. We’ll see what individual charts look like