Equities were up a lot yesterday, nearing “record highs”, and today they’re up pre-market so I’m assuming those new highs will be hit. That said, currencies haven’t been behaving around equities the way we expect them to, so while this will put me bearish JPY, I think I’m going to take the baskets at face value
USD [L] – This finished strong yesterday, and is up a bit today. This has somewhat been positively correlated with equities, rather than negative, so that’s another reason I’m bullish here
CAD [N] – This finished strong yesterday, too, but is showing indecision this morning as it has the couple of mornings. At this point I don’t know if it’s at the bottom of a range and is about to head back to the top of said range, or if it’s in a pullback and is going to push lower, so I’m going to leave this alone for now
Today’s Pairs
USD/JPY – Long
NZD/USD – Short
EUR [N] – I think I’m comfortable being bullish here. This pushed above that upper trend-line and pulled back to that same level and it’s up again today. Actually, I’m not so sure. It’s made higher swing highs in the past, but reversed back to it’s downtrend, so I’m going to need more confirmation one way or the other before I pull the trigger here
GBP [N] – This is still in that base, and while it’s down today, it looks like its sitting at a support level and isn’t really pushing through. There’s also quite a bit of room between current price and the low, so it’ll be a bit before there’s a breakout to play, so I’ll wait for more confirmation
JPY [S] – This is showing some indecision today, but overall I’m bearish here and if it can break lower, there’s a good amount of room for this to run. I looked at this yesterday, and it somewhat stalled, let’s see if it does anything today
AUD [N] – This rallied all the way back to the lows of the range it was previously in, but looks to be slowing down. Today’s candle just barely reached the highs of yesterdays, and has since pulled back. I anticipate a pullback soon, so while I’m starting to feel bullish about this, I don’t see a scenario where I want to get in today
NZD [S] – This was down yesterday, and is down a little early today. It looks to me like the couple of up-days from earlier in the week were just rallies, so I’ll see where I can short this and hopefully make some pips!
CHF [N] – This is down a bit today, but didn’t reach yesterday’s lows and is sitting at some support. This was strong since the beginning of the year, so I’m a bit reluctant to short this (plus, the support level), but it’s not showing more signs of strength right now, so I don’t want to take this long. I’m going to go ahead and leave this alone today