Equities are still stalling out just under pre-COVID levels. I’ll take the baskets at face value.
USD – S – This is testing a support level that started back at the end of July, for the third time. It’s bounced off of this area before, but in trading, the third time is often the charm. If it can push through support, this could be a really good short
CAD – N – This had a nice bull run, then pulled back last Friday, and since has somewhat based at the bottom of that pullback. It’s not a clear base, though — both yesterday’s and today’s candles have long upper-shadows, short lower shadows and closed at the open and are sitting at the open respectively. I’ll hold off here until it shows signs of being directional again
EUR – L – Despite breaking out to new highs over the base yesterday, this pulled back and closed near it’s open. Today, it’s up a good amount already and above the base, but not quite higher than yesterday’s highs. If it can push through that level, I like this to the upside
Today’s Pairs
EUR/USD – Long
AUD/USD – Long
EUR/JPY – Long
AUD/JPY – Long
GBP – N – Still fully basing, I don’t see any opportunity here
JPY – S – On a third day of a rally, but is forming an upside-down hammer right at the 20MA on the daily chart. Overall I’m bearish here, so I’m waiting for an opportunity to short this, actually, this might be it
AUD – L/N – AUD has been tough as of late, but it looks like maybe it’s ready to pop. After breaking out of it’s range in mid/late July, his pulled back the next day and based a little below those levels for the rest of July and all of August until now. Today, price has broken out above those levels again (though not above the levels from the spike in July), but has pulled back some. I’ll take a look at individual charts to see if there’s opportunity here
NZD – N – I’m going to give this a neutral rating for 3 reasons. A) This has pushed down and made another low on the day, but has rallied and is sitting near the open/highs of the day, B) I looked at a couple of NZD pairs yesterday and while the patterns were somewhat there, the R:R was not and C) NZD had a good amount of money come into it later in the day, so it pushed higher, and I’d like to see a return to the downside before I look at this again
CHF – N – This is still basing just above the top of it’s range, and there’s very little momentum here. I’ll hold off again