Equity futures are rising this morning, making another new high over the high from last Thursday. It looks like it’ll be a risk-on morning, but it’s not up a ton, and they could gap up and fall as soon as the market opens. I’ll take the baskets mostly at face value today.
USD – N – The prop firm played a reveal in USD on Friday, which looks like it was the right move given it’s been up a good amount over the last couple of trading days. That said, this is just 2 days, after a long down-move, so it could simply be a pullback. I’ll wait for more confirmation of the reversal or until it heads back down to look to trade this
CAD – N – After making that huge drop last Thursday, taking out quite strong support levels, this rallied on Friday and today taking back everything it lost on Thursday. I’m still overall bearish CAD, so similarly to USD, I’ll wait on this until it either shows confirmation of the reversal or heads back down
EUR – N – This pushed up and out of it’s range a couple of weeks ago and looked strong, but it kind of slowed down by the end of last week. It based, pushed up a bit, but quickly pulled back. It’s now sitting right in the middle of Friday’s down-candle and has pushed up and down some already on the day. There’s too much indecision here for me, so I’m going to hold off
GBP – N – The Mas have crossed over, and this hasn’t made any significant pullbacks, so I’m almost ready to be bullish here (though I would like to see some sort of pullback/a higher low). Today’s candle has pushed up and down quite a bit already this morning, but is sitting at the open. I don’t love this today, but this looks like it could be a great opportunity to take long this week
JPY – N – This hasn’t really been correlated with equities as I’d expect it to be (more like, as Maverick has said it’s been in the past), so I’m already a bit weary about trading this today. It dropped a good amount Friday, but stalled at some support and today has only pushed as low as Friday’s low and is sitting up a little bit right now. There might be some opportunity to short this to the next support level if it pushes back down, but it’s not the prettiest, and I don’t want to force anything, so I’ll just hold off for now and revisit tomorrow
AUD – N – This is down fairly significantly, even though equity futures are up (side note, can the argument be made that FOREX precedes Equities with risk sentiment? I should ask my coach). It’s sitting on top of the support level that was resistance for the long stretch that this had while making essentially an ascending triangle. I don’t want to short this at this position — I’m still bullish AUD for the most part — so I’ll hold off and see how this behaves throughout the week
NZD – N – This looked strong early last week/late the previous week, but couldn’t sustain. Mid-to-late last week, this pulled back, went back through the trend-line it pushed up above and is now stalling at the 50MA. This is still fully within Friday’s candle and there appears to be a good amount of indecision here, so I’ll hold off on this for today
CHF – N – This looked strong, after breaking out of a long-term resistance level, all last week. Friday, though, price pushed up and down, but closed right at the open and today it’s down quite a bit, sitting on top of the support level that was the resistance level of the base/range. I don’t think I’m ready to short this, and I’m definitely not going to take this long at this position, so I’ll hold off on this for this morning