I’m a little late to the charts again, but that’s alright. Equities closed lower on Friday, and today, they’re down-to-flat premarket. I’ll try to keep that in the back of my mind, but I’m mostly going to take the baskets at face value.
USD – L/N – With equities dropping again, that should bode well for this (and it’s shown as price has been up again over the last 3 days). I wouldn’t say this is in a place where it’s up-trending, but other factors should push this higher, and it’s within a range and has some room before the top of that range. I’ll look to take this long, but I won’t chase. If I have to wait another day, that’d be fine
CAD – N – I still don’t really love this pattern, and I don’t feel comfortable trading this right now, so I’ll leave it alone
Today’s Pairs
GBP/USD – Short
AUD/USD – Short
NZD/USD – Short
EUR – N – After rallying for a couple of days in a row, this looks like it’s stalled out at some resistance and is pulling back. I’m not ready to say this is up-trending yet, and I don’t want to short this after this rally, so I’ll leave this alone
GBP – S/N – This has been a little strange over the last few weeks — mostly basing, but sometimes pushing just outside of the base only to base again. This had a rally on Thursday, but it didn’t really break to new highs and it’s been steadily down since then. Since there’s a good amount of room between here and the low of this range, I’ll look to short this
JPY – N – I’m a bit hesitant to put a long rating on this, but it’s one of those situations where if I missed it, I’d kick myself. This has been in a range for almost three weeks, and today, it pushed to the top of that range. It didn’t break out — and has pulled back some, but is close to the top. Actually, now that I’m looking at it, it’s still a few pips below the high that make up this range, so I don’t see a scenario where it breaks out (in a way I want to trade it) today. I’ll revisit this afternoon, but I’m going to downgrade back to just a neutral for this morning
AUD – S/N – This was strong for a little over a month until last Thursday. Thursday and Friday’s candles were both down fairly significantly, and while it’s up right now a bit, it’s already pushed to another low and is only up slightly. With weakness in equities, I like this to the downside, but not really at this moment. Though, if it’s on a rally, it could provide a good entry point. I’ll glance at AUD short and see if there’s anything for me today, but I won’t chase — it’s gotta be a really pretty setup, on at lowest, the hourly chart
NZD – S/N – This is still ranging , and while it’s up against some support right now, it’s not quite at the low of the range. I’ll see if I can short this just to that level — if the R:R is there
CHF – N – Same as EUR