Premarket, equities seem to be recovering from the large drop that they suffered yesterday, but not by quite as much as they dropped (yet). That said, the DOW is down again today, so I’m not 100% sure what that means. I’ll assume a risk-on day today, though I could still see USD rising
USD [N] – This looks like it has some strength, but it’s not super convincing. Yesterday, while it did close lower was actually higher than the previous day, and price is up a bit today. It’s sitting near the open, though, after moving a decent amount in both directions, and today’s candle is fully within yesterday’s. I think I’m just going to leave this alone for today
CAD [N] – This is up a decent amount today, which makes it look as though the last couple of down-moves may have just been pullbacks. That said, it’s not up that strong, so it’s not that convincing. This could be a rally during the beginning of a trend reverse. Since I’m not super convinced about this in either direction, I’ll leave it alone for today
Today’s Pairs
EUR/AUD – Long
GBP/AUD – Long
EUR/NZD – Long
GBP/NZD – Long
EUR [L/N] – This is down slightly today after 4 days in a row of strength. That said, it pushed a lot further down earlier than it is right now (it’s sitting near the open), but it had also pushed a bit higher, too. There’s some resistance here, too, so if it can push through that again, there may be some opportunity. I’ll look at a couple of EUR charts and see if there are any tradable setups that I see
GBP [L] – This is up quite a bit today and has pushed slightly through the top end of the range it’s been in. It’s pulled back a little since then and is sitting at that resistance level, but this could be a simple pullback before another strong up-move. I’ll look for a short to pair this against, and take this long on a breakout
JPY [N] – After a strong yesterday, price is up again today but not quite as strong. It looked like it might be, but has since pulled back and is sitting near the open. It’s still (again?) at the level of resistance that it was stalled out at yesterday, and just reached the top end of the downtrend channel. I think I’m going to leave this alone again today because I think I’m bearish at this point
AUD [S] – This is down again today and sitting right at the level it reached when it had that big drop at the end of January. If this can push through today’s lows again, I like this to the downside a lot
NZD [S] – After yesterday’s rally, this looks to be heading down again. It stopped at some support, but is still showing a lot of signs of weakness. I’ll look to short this today if the opportunity is there
CHF [N] – This is still sitting at that resistance level, and yesterday it actually dropped pretty far from that level back to about where price opened. I don’t love this to the upside until it can convince me that it’ll break that level, so I’m going to leave this alone