Equities are somewhat low-basing, but look to be on the weaker side. That said, futures are down, so I could see a gap-down with a rise through the day — or they could remain weak. I’ll mostly take the baskets at face value with a slight risk-off bias.
USD – N – This doesn’t look like something I want to take a stab at today, but this might be turning bullish. It made a low on 9/1, with a long lower shadow, and started rising from there. Since, it’s made a higher high, up to a resistance level, and a higher low. Today, it’s spiking, but is up against some resistance again — and it’s above the 20MA. This looks like it needs more confirmation, but I’m going to look to take this long this week
Today’s Pair
GBP/JPY – Short
CAD – N – This was pushing down for a few days in a row, but I never found an opportunity before the weekend. Something I looked at that never triggered was sitting near my target, though, so there’s that. All of that is neither here nor there, though. Today, this is sitting right near it’s open with both long upper and lower shadows. I don’t love this to either direction right now, so I’ll hold off
EUR – N – This has kind of made a higher low and a higher high since 9/3, but it’s doing so slowly. Also, after a couple big drops last week (that were still above the 9/3 level), the MA’s have crossed over to the downside. I don’t have a strong sentiment on this in either direction right now, so I’ll hold off
GBP – S/N – This is in a beautiful bear rally on the daily chart, but unfortunately today’s candle isn’t very pretty. It’s got both long upper and lower shadows and is sitting near the open, and it’s kind of sitting on a support level again. All that said, GBP looks quite bearish, so I wouldn’t mind taking a look at an individual chart or 2 just to see if there’s opportunity there
JPY – L/N – This spiked a ton today, so I’m a bit wary trying to get in now. Maybe if this bases throughout the day, it’ll make for a better entry, but I don’t want to get in at the end of the run. That said, it is up enough and looks strong enough that I want to look at individual charts to see if it looks extended. I may have missed the move already, but it’s worth a look
AUD – N – AUD has been extremely steady and slow moving for 3 months, save for a couple of day or 2 runs, that were usually wiped out pretty quick (however, while still making higher lows). It’s down a good amount today, and has pushed through the 20 MA, but it’s done that before. It’s also sitting right on top of a pretty strong support level. This might be something I look to take long at the end of the day, or maybe tomorrow morning if it doesn’t spike overnight — Look at this long near E.O.D
NZD – N – This had a nice big drop today after a 6 day bull move. That said, though, it’s been down about .9% but has rallied quite a bit off of the lows. This has been making bull moves, and even this spike down is a higher low, so I’ll wait for this to return to the up-side, or confirm it’s return to the downside. Either way, not today
CHF – N – This, like so many others, is sitting near it’s open with fairly large upper and lower shadows (though these shadows are smaller than CAD’s and GBP’s). It doesn’t look like it has a ton of upside potential right here, especially because the MA’s have crossed to the downside. I’ll hold off and see how it behaves through the week.