Equities had one of the largest gap-ups for a day in history, and futures aren’t really moving right now — up .1%. No real telling where it’s going to head, so I’m just going to take the baskets at face value
Update after morning analysis: I found a few currencies I’d be comfortable shorting, but nothing I want to take long against them. I’ll look for the “best” long (which might be AUD and NZD) and check their charts, I suppose. That said, though, I’ll also wait a bit, let things move and see how the Equities behave and how currencies react
USD – S/N – I don’t want to chase this, but it’s shown signs of weakness for the last 4 days (coming off the heels of a 9 day bull run). Today, it pushed lower, came up on some support and looks to have rallied a decent amount. I’ll look at USD and see if there are any patterns that suggest I short it, but I don’t want to chase it
CAD – L/N – I’m not really sure if I’m bullish or bearish overall here. It appears to be technically in an uptrend, but there has been a ton of volatility and prices have moved A LOT in a day (a lot more than they had over the previous few months). It’s up a bit today, but coming off of 2 down-days, and nowhere near yesterday’s highs, much less the previous day’s. I think I’m just going to leave this alone for now
Today’s Pairs
USD/CAD – Short
CAD/JPY – Long
CAD/CHF – Long
Update: 30 min. into the trading day and CAD seems like the best buy. That said, it’s chart isn’t screaming buy to me right now… I’ll look at CAD against some of my shorts and see if there’s a pattern and target that makes sense
EUR – N – This was beginning to look like it was basing, somewhat, but while it’s staying within that base range, today’s candle has made a lower high and a lower low. It looks like it’s rolling over and primed to head down, but I want to wait a little bit for more confirmation. I’ll leave this alone for this morning
GBP – N – This was in a much more clear base than EUR and today’s candle has made a higher high and a higher low. That said, I’m not ready to take this long as A) There’s a decent amount of more resistance outside of today’s high and B) it’s pulled back a LOT from it’s high and is sitting near the open
JPY – S – I’m in a JPY trade right now, but looking at it’s basket, it’s pushed lower and has stalled out at some support. If it can push through that level, I think I’d be comfortable taking this short again
AUD – N – I’m in AUD as well, but unlike JPY I don’t see enough upside potential for me to take another AUD position. I’ll manage my current trade but otherwise leave this alone for today
NZD – N – This is on it’s 4th up-day in a row, but it’s pushed much lower and higher on the day already and is sitting near the open. I want to like this to the upside, but at this point, I’d like more confirmation. I’ll hold out on this for now
CHF – S/N – This is similar to EUR, but it pushed through the lower area where I thought the base would stall, and hit another level of support. It’s pulled back and is closer to it’s open right now, but if it can break today’s lows, it could be a good short opportunity