Equities closed at new highs again yesterday, and while futures are up some, they’ve pulled back off the highs and are sitting closer to the open. That said, looking at the 2 entry orders I had yesterday, price double-topped and reversed back below my stop areas, suggesting some risk-off behavior.
Maybe there was some profit-taking in the Asian session or maybe somehow Forex is leading equities as far as risk sentiment goes. Either way, I’m going to take the baskets at face value for the most part today.
USD – N – This never broke the lows of the day after I got to the charts yesterday morning, and it actually rallied a bit. Today, price is up somewhat, but the candle is fully within yesterdays. I’m still bearish USD overall, but not at this point. I’ll keep an eye on the % change and maybe look for opportunities if it starts to drop
CAD – N – I’m overall bearish CAD, too, but it’s got to break the lows from yesterday, and ideally, the lows from March. Today, it’s up a decent amount, but again is failing at the 20MA. It has quite a ways to drop before getting to yesterday’s lows, and I’m just not certain that’ll happened today. I’ll leave this alone for now, but I’ll keep an eye on it
EUR – L/N – I’m starting to officially become bullish EUR, but I’m not sure if I’m bullish enough to take a trade. This spiked up again yesterday, making another new high over the range it’s been in, but pulled back by the end of the day, right to the top of the range. Today, price has pushed higher, but hasn’t gotten as high as yesterday (yet) and is sitting right near that resistance level. If this can push up high enough to break yesterday’s highs, I like this a lot, but that is quite a ways away. I’ll look at individual chart to see how they look, though
Today’s Pairs
EUR/GBP – Long
EUR/JPY – Long
EUR/AUD – Long
GBP/CHF – Short
CHF/JPY – Long
AUD/CHF – Short
GBP – S/N – This was down about .75% yesterday, but gave back about .55% and finished near the open. Today, price is down again, but yesterdays wick was so long, this is still fully within that area. That said, yesterday’s lows were right on top of a support level, and if price can push through that level, there might be a decent amount of pips available to the next support level. I’ll look at individual chart to find out if it’s worth it
JPY – S/N – Similar to USD, this has rallied a bit today. Unlike USD, though, this has pushed to a new low already this morning and is up from that. If this can push back down to and through the day’s lows, I’ll definitely want to short this. I’ll take a look at individual charts, and hope things swing that way
AUD – S/N – I’m not ready to short AUD, especially if I’m looking to short JPY, but this does look like it could make for a decent counter-trend trade. This is down quite a bit on the day already, and sitting on top of the support level that was resistance back in early June. The distance between current price and the next support level or the 20MA might be enough to make shorting this today worth it. I’ll take a look at individual charts, but I won’t do anything too crazy. Maybe I’ll take 1/2 position or something
NZD – N – This is similar to AUD, but I don’t see as much room between the current support level and the next. Plus, I don’t want to look at 2 counter-trend trades, so I’ll stick with AUD since it looks a little better
CHF – L/N – Despite yesterday being mostly a risk-on day, this was up all day. It’s up again so far today, and bumping right against the resistance level that’s held up since early June. I’ll take a look at individual charts to see if this makes sense to take long today, but I won’t chase