Equities continue to push up, but currencies aren’t really following that correlation. I’ll take the baskets at face value and I’M NOT PLAYING BREAKOUTS!
USD – L/N – This is still in the mini base it was in yesterday, but coming off of the bottom of it and up a bit. It’s about in the middle of that range, so I’ll take a look at individual charts to see if that amount of room equals a good R:R
CAD – L – I’m still overall bullish on CAD, but it doesn’t look like it’s pushing higher today. It has some already, but is sitting a bit down/at the open now. Could this push up by the end of the day? Absolutely. I’ll keep my eye on it to see how it moves, then look for positions if it pushes up — Watch for this to start to push higher
EUR – N – This has pushed down a good amount today, after looking quite strong for the last month. It’s also a little past the 20MA and sitting on some pretty strong support. I don’t like this to the downside, as I’m not playing breakouts, and I don’t like this to the upside today since it’s down so much. I’ll leave this alone and revisit tomorrow
GBP – S/N – This stalled at the top of that range yesterday where I thought it might. Today, it’s still at the top of the base (ignoring the small breakout that happened last week) and is down a bit. It has already pushed lower and is sitting closer to the open, but if it can push back down, there’s a good amount of room before the lows of that range. I’ll look for opportunity there
JPY – S – JPY was up for 6 days in a row, then had a small down-day on Monday and dropped pretty significantly yesterday, but is up a little today. This isn’t really ranging, so I don’t see an opportunity to take this long “within a range”, and while I am overall bearish, if this drops, it feels a lot like a breakout. I’ll try to keep my eye on this and come back if it starts to go into the negative — Watch for this to start to push lower
AUD – N – This is up a good amount (relative to how it’s been moving over the last couple of months), but is stalling out at the resistance level that is the top of this range, minus the couple of false breakouts that happened over the course of the last month. I’m not playing breakouts, so I don’t love this to the long side right now, and with it up this much, I don’t really think it’s going to drop this morning. Maybe tomorrow’s candle will. I’ll maybe check-in at the end of the day. It’s something I want to do anyway — that’s neither here nor there
NZD – N – This is up again today, but coming up on some pretty strong resistance from last week and looking back, from September – December of last year. I’m overall bearish here, but this is up a lot on the day, so I don’t see that opportunity now. I’ll try to revisit this closer to the end of the day to see if there’s opportunity to short tomorrow
CHF – N – This is down a good amount today, but is sitting on some support. Even if I were to try to play a breakout here, the next level of support is quite close, so I don’t like that R:R. I’ll hold off here.