Equities continue to push up, and it looks like the correlations are potentially starting to return. I’ll still take the baskets at face value today, but I’m ready to start thinking risk-on/risk-off again in the coming days.
USD – S – This pushed through that support level it tested 4 times last Friday, and closed pretty significantly below that level. Today, price is sitting right at the open, but has pushed down a bit already on the day (up as well). If it can push back down through the day’s lows, it could run quite a bit
CAD – N – I liked CAD to the upside — it was making higher highs and higher lows, but last week, it pulled back but never pushed back up. Today, price is up and looks like it has potential, but it’s stalled out at some pretty strong resistance. It also has a lot of resistance above this level, so there’s no telling where this will stall at again. I’ll leave this alone for now.
EUR – N – This is up today, but it’s coming off of a 3 day down streak. This looked promising, and was great, for a while starting mid-July, but since August, it has mostly ranged. I don’t love this to either direction right now, so I’ll hold off
Today’s Pairs
AUD/USD – Long
USD/CHF – Short
GBP – N – This is still in the range it’s been in all month. The last few candles also have fairly small bodies and large wicks, which I don’t love to see either. I’m going to leave this alone for today, but this could push up pretty far when it does run. Hopefully I catch that move
JPY – N – This looks almost good enough for me to look at to short, but I’m hesitant. It’s down a good amount on the day, but stuck at some support from December/January, and even if it does push through this level, there’s another level not too far below that, which this stalled at last Friday. Maybe if it bases around that second support level, I might look to short it, but not right now
AUD – L – The last 2 candles look like upside-down USD’s last 2 candles. This spiked on Friday, pushing out of the range it’s been in pretty significantly. Today, price has pushed up (above Friday’s highs) a bit , but is back sitting closer to the open. I’ll take a look at this to the long side because this might run if it pushes up again
NZD – N – This one’s trickier. I want to like it, but I’m going to be patient with it. This has pushed up over the last 6 days, with the last 3 of them being strong up-moves. This stalled out at some resistance, but also the downward trend-line I’ve had drawn for a couple of months. This is in a position where it could either continue to push up, or reverse back to the downside off of the trend-line. As this is basically sitting at it’s open (it gapped down, which is why it’s down on the day), I can’t make a great argument for either scenario, so I’m going to leave this alone
CHF – L/N – This pushed up for a bit starting mid-July, ranged for a bit, and is coming off of the bottom of that range. It’s stuck at some resistance, but I’ll take a look at this to see if there’s any opportunity to take this long to the top/middle of the range if it breaks that resistance area