Equities made a move up yesterday, but didn’t quite make it to the previous highs. Today, futures are up slightly, and are sitting near the top of the range that they’ve moved in today. It looks like it’ll continue higher when markets open (since futures have rallied to the day’s highs), but there’s also the chance we’re staying right within this base and it’s going to push back to the bottom of it.
My current trade is still active, so I’m going to do my analysis with a risk-off sentiment because if equities do continue strong, I’ll probably just sit in my current position.
USD – N – This pushed down again yesterday, pushing through a minor support level. If equities do indeed drop, I’d expect this to rise, but it doesn’t look like it has potential to actually do that. I may look to short this, actually, if equities are relatively strong, and be in 2 positions. We’ll see — Revisit if equities are strong
CAD – N – After making a new low 2 days ago, yesterday’s low was right at that same level, but price rallied about .25%. Today, they’ve pushed up above yesterday’s high, but have since pulled back to it’s open/that resistance level that was the low of the previous range. I don’t like this right here. I don’t even really see opportunity to take this just to the next resistance levels, so I’ll leave it alone. I suppose, if it drops below today’s lows, it could offer enough pips to yesterday’s lows to be worth it. I’ll revisit that option if I don’t like anything else today
Today’s Pair
GBP/USD – Long (if equities remain strong)
EUR – N – This closed near it’s open yesterday, and is sitting near it’s open today. Right in the middle of the range it’s been in for 2 months. I’m going to continue to hold off here
GBP – L – This did break that “neck” area and is pushing higher. It is stuck at some resistance right now, but there may be some opportunity if it can break that level again. I’m not in love with GBP, but it looks to be very strong, so I don’t want to ignore that
JPY – N – If I wasn’t already in a JPY trade, I’d potentially look to short this here — especially if equities retain their strength. It’s been pushing down steadily, and looks like today, it’s just broken some resistance. I’m not going to touch it, but it looks good for the trade that I’m in
AUD – N – I don’t love this right now. It’s right in the middle of a range, and looks as though it’s consolidating, waiting to make a big move — but in what direction? At it’s current level, there’s a decent amount of support and resistance on either side (as in, multiple levels of each), so I’ll wait until this moves convincingly in one direction or the other and has follow-through
NZD – N – This is still holding on to those gains above the trend-line, which is positive. However, it made a new high 2 days ago that it’s been having trouble reaching again. If equities remain strong, this is probably something I’d look at to take long outside of that high from 2 days ago, so that’s positive, but I can’t say I’m in love with it. I’ll continue to hold my position, though, trust my analysis, and see where it takes me today
CHF – N – This now looks like EUR and AUD. I don’t want to touch it