Equities continued to push higher yesterday, but USD was up slightly JPY closed at it’s open and AUD was down. I didn’t wait for confirmation, so I started playing breakouts again *frustrated emoji*. Not doing that today, and taking baskets at face value.
USD – N – This is up slightly on the day after pushing down and through some resistance last Friday. It looks like it’s low-basing or maybe bear-rallying, but either way, I don’t love it. I also don’t think it has the strength to push up high enough for a counter-trend trade to be worth it, so I’ll leave this alone for today
Today’s Pairs
EUR/NZD – Short
NZD/JPY – Long
CAD – N – This is still in a range and in the middle of a lot of support/resistance areas from the highly volatile time back between April and June. It’s up today, and up against some resistance, so I could maybe make an argument that this could break this level and head to the top of the range, but at this juncture, it’s not a risk I want to take
EUR – S/N – This is down again on the day, but sitting on some support right at the 50 MA. This was one of the stronger from mid-July to Mid-August, but since then has been pushing down. It could be ranging, or it could be returning to the downside. I don’t love breakouts right now, but this looks like a bear rally that’s returning to the downside. I’ll take a look at individual charts
GBP – N – This spiked yesterday out of it’s range and looked strong, but by the middle of the day, it had given back nearly everything and sat just below the top-end of the range. Today, price is still hovering around the top end of that range, but is down slightly. I don’t like this to either side right now, so I’ll hold off
JPY – S/N – This didn’t move much yesterday and it closed at it’s open, and today, it’s moving similarly. It has pushed up and down a bit already on the day, but still fully within yesterday’s candle and sitting at it’s open. I’ll hold off here and look to short this — I guess I don’t know when. It could push down at any time, so I guess I’ll take a look at individual charts and see
AUD – N – After pushing out of it’s range last Friday, this has stalled and even pushed back down some. It’s still above it’s range and I’m overall bullish here, but it’s down enough that I don’t want to touch it today
NZD – L/N – Other than Monday, this has had nothing but up-days since 8/21. It certainly looks like it’s returning bullish, as it’s pushed up above both MA’s and the downward trend-line. That said, it’s pulled back off of the highs already this morning and is sitting near some resistance. This also looks a bit extended which makes me nervous. All that said, this is the only place I see a long opportunity at all, so I’ll take a look at individual charts, but it might be another non-trading day
CHF – N – This has pushed down a lot over the last 6 days, pushing back to within the range it was in between Mid-June and late July. Price did get down to the support area of that range, but has since rallied back up to the open. I could see this as a temporary bear rally before it pushes back down, or a doji signaling a return to the upside. Since I could see either scenario, I’ll leave this alone until one is confirmed