Not a whole lot to say pre-analysis. S&P futures are up over 5%, and the USD is already down on the day. I’ll mostly take the charts at face value, but I want to keep this in the back of my mind (I’m also not 100% sure I’m ready to short USD at this time)
USD – N – As I mentioned, I don’t know if I’m ready to short USD after the strength it’s had since early March. That said, it has made some lower highs and today is making a lower low from yesterday, but yesterday made a higher low and the day before made a higher low. I understand the fundamentals, but I want to wait for the technical’s to line up before I short USD. I may revisit if I don’t see anything else I like to the downside
Today’s Pairs
AUD/CAD – Long
AUD/JPY – Long
CAD – S – This has had some large moves this month in both directions, and is down fairly significantly today. I like this to the short side right now, but it’s not my favorite. Those large swings put this on a bit of an uptrend, but it has made lower highs and a lower low since. I’ll look for a clear pattern on a CAD chart, and if there is one, I’ll look to trade, but I won’t chase
EUR – N – This had a lot of weakness behind it at the end of last week, and while It’s had a couple of up-days, they’re not very strong. It looks to be in more of a base than anything. I’ll leave this alone for now until a more clear pattern arises
GBP – N – This looks strong after some real weakness yesterday, but it hasn’t reached yesterday’s highs, and it looks like it’s in a low-base pattern right now. I don’t want to take this long with the overall weakness it’s shown, and since it’s up today, I don’t want to take this short
JPY – S – This is on it’s 4th down-day in a row, and while it’s at some support, there appears to be a good amount of pips between current price and the next level. This is still above the 20 MA, so I’ll look for a clear pattern on an individual chart before I short this, but I am comfortable shorting this today
AUD – L – With strength in equities, weakness in USD and JPY and the fact that this is on it’s 4th up-day, I want to take this long. With it being AUD, and me being burned here before, I’m a little hesitant. Shooters shoot, though, so if I see an opportunity, I’ll take a long position here
NZD – N – Similar things can be said about this that I said about AUD, but this is on it’s 3rd (really 2nd) up-day, and has only made one higher high and higher low (today). I don’t like this one quite as much as AUD, so I’ll let this go for another morning
CHF – N – This looks like EUR still. Strength, pullback at the end of last week, and now appears to be basing. I’ll leave this alone for now