Futures are down about .6% right now, and I expect that to be the direction equities move especially given that they closed at the top of the base they’re in yesterday. I had already planned on, and this is confirming, a risk-off sentiment for today.
USD – L/N – This is up a good amount today, and is coming off of the bottom of the range it’s been in for 8 days. That said, the “breakout” point (I put that in quotes because I’m not really playing breakouts within this range) is at yesterday’s high. I’ll look at individual charts, though to see if it makes senses to take this long anywhere
CAD – N – This is still in a base/range, and has had a lot of fake-out moves (I can tell because of the large wicks on either side of the recent candles). I’m going to continue to hold off on trading CAD for the foreseeable future — until it starts to move in a more predictable way again
EUR – N – This is also in a long-term range, and doesn’t seem to have a lot of momentum or clear decision behind it. I’ll hold off here for today, too
Today’s Pairs
AUD/USD – Short
AUD/JPY – Short
GBP – N – After dropping significantly out of it’s range last week, it’s on a 3-day rally this week. So far today, this has pulled back a good amount from it’s highs, and the highs got right up to a resistance level (that made the low of the base it was in prior to the drop). I can’t tell at this point if this is a bear rally, or a return to the price it was at when it was basing. I’ll leave this alone for at lease this morning, and revisit this afternoon
JPY – L/N – This is up a little today, but not as much as I’d expect. Also, it got up to a resistance level and pulled back, and there’s not a ton of room between that high and the next resistance level. That said, over the last 8 or so days, this has made slightly higher highs and higher lows, and with today’s sentiment, I expect this to rise. It may not be viable, with the close resistance levels, but I don’t want to ignore this today, so I’ll take a look
AUD – S/N – Similarly, I would’ve expected this to have dropped a bit already today, but it hasn’t moved much at all. It is down, and at the top of the range it’s been in for a few days — so if I’m going to take a look at USD and JPY with similar patterns, why would I ignore AUD? I won’t, I’ll take a look, but I won’t chase
NZD – N – This dropped a lot today, going all the way from the top of it’s range to the bottom overnight. It has since pulled back some from those lows, and those lows didn’t get as low as the lows of the range, so I don’t see a great opportunity to short at this point. I don’t think this is going to break out of the range to the downside anytime soon, so I’ll just hold off and revisit this maybe tomorrow
CHF – N – This is only up a little bit and still well within it’s range (and closer to the top than the bottom). This hasn’t moved much at all over the last week+, and that appears to be continuing today, so I’ll leave this alone