Equities, after rallying and just barely making a new high, ended up dropping and finishing down almost 1%. The ended up stopping right at a support level, and as of right now, futures are up slightly. As I’m currently in a risk-on trade, I hope that continues, but I’ll also do my analysis primarily with a risk-off sentiment in case equities continue weak.
USD – L/N – Yesterday, this pushed above the previous day, but didn’t have a ton of momentum. Today, price is up slightly, but it’s mostly sitting at the open, and even with the wicks isn’t very big (still within yesterday’s candle). If this can push up and out of yesterday’s highs, this might be a good long. There’s a bit of additional resistance above that high, but I’ll take a look at individual charts
CAD – S/N – I suppose I don’t want to completely ignore this, now. This did push through the support level that’s held up since mid-June, but stalled out at another, close, support level that’s held up since mid-March. Since this did push through one level, though, I’ll take a look, but I honestly don’t think I’m quite ready to short this
EUR – N – Still within it’s range/base and doesn’t have a lot of momentum. I’ll continue to hold off
Today’s Pairs
USD/CAD – Long
AUD/USD – Short
CAD/CHF – Short
GBP/CAD – Long
AUD/GBP – Short
AUD/CHF – Short
GBP – L/N – This broke the “neck” of the upside-down head-and-shoulders yesterday, and while it’s pulled back slightly so far today, it’s still sitting near that support/resistance “neck” area. If this can push up again, and out of yesterday’s highs, this could be a good long back up to within the range it had been in from mid-May to mid-June
JPY – N – This broke a low from back in mid-June, that was also resistance prior to that, both Monday and Yesterday. Unfortunately, though, both days, they rallied back up to near their opens. I say unfortunately, because I took that as a sign JPY was going to push quite a bit further down, but it’s just not really doing it. I’m in a JPY trade now, though, so fingers crossed this weakness continues
AUD – S/N – This dropped a good amount yesterday (especially compared to how it’s moved for most of June, and July so far), but stalled out at that next level of support/resistance. Similar to yesterday, this might be a good short, given equity weakness, but there’s just a lot of other levels of support not too far outside of the one it’s stuck at now. I’ll take a look again, I think I found a 1.5 or 1.6 R:R a couple of days ago here, so it might still be worth it. I don’t want to miss out if it is
NZD – N – Unfortunately, this is down today, as I’m long NZD right now. Fortunately, though, price is still a good amount above the trend-line it broke a couple of days ago, and today’s candle is fully within yesterdays. I’ll keep an eye on my trade, and I’m hopeful, but I’m not prepared to take another NZD position
CHF – L/N – Similar to AUD (but upside-down) I like this to the upside given a risk-off day, but there are a lot of levels of resistance above the level price is currently stalling at. I’ll take a look at the charts themselves to confirm, but I don’t know if there’s any there there