Equity futures dropped a good amount this morning, and the news event came out mixed. My coach said it in the webinar, and I echo his sentiment: I’m curious to see what happens when the markets open. In the meantime, I’m going to take the baskets at face value.
USD – L – This looks like it’s finally bouncing off of that support level and heading back up. If equities do in fact remain weak this morning, that’s another reason this should push higher. I’ll take a look at this to the long side
CAD – N – This did end up pushing lower yesterday, but not convincingly, and closed near it’s open. Today, it looks just like yesterday’s candle already, but we’re in the beginning stages instead of the end — looks like a lot of indecision and I don’t have a good pulse on where this might head, so I’m going to leave it alone
EUR – N – This is still in a range that started at the end of August. It is sitting somewhat in the middle of the range right now, but has already pushed lower, so even if it does break the day’s lows, I don’t see it falling much further than that. I’ll hold off here
Today’s Pairs
AUD/USD – Short
NZD/USD – Short
GBP/AUD – Long
GBP/NZD – Long
AUD/JPY – Short
NZD/JPY – Short
GBP – L/N – This has been in kind of a base for the last 5 days, but a lot of those days had long shadows and small bodies. Yesterday, this closed lower with a big red candle and today it’s up a good amount with a large green candle. It stalled at the top of the base and pulled back off of the highs, so there could be some potential for this to the long side, but I don’t see it making it all the way to a target level by the end of the day. I’ll take a look at a GBP chart or 2 to see if at an individual level it looks a little more plausible, but I won’t chase
JPY – L/N – This has been looking like USD all week, and as that bounced off of support, so too did this. This bounced more, though, and ran into another level of resistance that it has pulled back from. It’s at a level where if it breaks it could be a good long, but it being Friday, I don’t know that it has the momentum to make it by the end of the day. Similar to GBP, I’ll take a look but I won’t chase
AUD – S – This has been the inverse of USD (and JPY) for the entire week, and as they’ve bounced off of support, this is falling off of some resistance. It has already rallied off of the day’s lows, but if it can push back through that level, the previous low is a good target. Now whether it’ll reach that by EOD is beyond me, but I can always close a trade early
NZD – S – This hasn’t been mirroring AUD or the inverse of USD/JPY so it looks interesting. It based for a few days, but it looked as though the sellers won out on each of those days. Yesterday, though, it pushed out of that range and stalled at some resistance and today it’s falling off of that level. My coach, in the meeting this morning, put out an order for NZD/USD short, so I’m comfortable taking a look at this to the short side
CHF – N – This is still ranging, but it is sitting right on top of it’s support level right now — couple that with the fact that both today’s and yesterday’s candles have long upper-shadows, it looks like it wants to push down. That said, it’d be a pretty major break, and this has rallied off of the lows and is sitting near the open, so I think I’m going to hold off here for at least now. Maybe revisit this Sunday if I’m able to trade at all