Equities were strong yesterday and they’re getting really close to making new all-time highs. That said, the all-time high level is a pretty major resistance level and futures are down some, so I’m going to take the baskets at face value and not think too much about the correlations.
USD – N – This is basing, and while it has pushed lower today, price is sitting closer to the open. I don’t love this right now, so I’ll hold off
CAD – L – CAD continues to look strong, even though my trades keep being losers/break evens. I’ll take a look again today for some opportunity to take CAD long
EUR – N – This has been up for the last 3 days (including today) and is quite strong today. Price may have made a new high above the range today, but has pulled back a bit since. You know what. I’m not going to play the “if it can push out” game. I’ll wait until it does and has some confirmation then I’ll look to take this long. Otherwise, I might actually do a short-term short tomorrow
Today’s Pairs
CAD/JPY – Long
CAD/CHF – Long
GBP – N – This, while quite strong today, is still basing significantly and is close enough to the top of the range that it’s not worth taking this long here, so I’ll hold off
JPY – S – I mean, This isn’t basing and it hasn’t gone parabolic. It’s steadily pushing to the down-side and there’s room before the next support level, so it still looks like a great short to me. And, at this point, it looks like CAD/JPY is going to be the only pair I look at again, so hopefully the 3rd time’s the charm
AUD – N – This is down a bit, but basically sitting right at it’s open and is well within it’s base. It’s sitting right in the middle of the base, too, so I can’t even play this within that range. I’ll hold off
NZD – S – This one, I’ll take a look at because it’s not basing at this point, but it has stalled at a level of support. This has been steadily pushing down for the last 14ish trading days, and made a new low but rallied back to near the open. Despite that, today, price is down significantly again and is sitting right on top of that support level. If it can push through that, this could be a great short.
CHF – S – I’ll take a look at individual charts. This has been basking since the end of July, but yesterday it was strong and made a new high above the range. Today, it pushed up a bit and made another new high, but has since pulled back and is sitting at the open. This doesn’t look like it has a lot of conviction behind it, but since it has technically broken it’s base, I want to take a look. Immediate Update: I’m actually going to look to short this today. It barely made a new high and since doing this analysis, the change has gone from +.01 to -.03 and it’s coming off of the top of that range. I’ll play the range and see if there’s opportunity