Equities pushed up steadily yesterday morning, but dropped pretty strong by the afternoon. Futures, right now, are up almost 1%, though, and right now, I honestly can’t determine whether I think they’re going to stay strong when the market opens, or if they’re going to gap-up and push down again. I’m leaning toward the latter, but I’m not sure why. I’ll take the baskets largely at face value, then see what happens when the market actually opens.
USD – L/N – This pushed up a good amount yesterday as equities dropped. This morning, it’s down slightly, but sitting right back at that support level. If equities do drop again, this should push up again today. I’ll take a look at this to the long side on some individual charts
CAD – N – This is still steadily pushing up, but it is stalling at a pretty major resistance level. Plus, at this point, price failed to push higher than yesterday’s high, so I’ll leave this alone for now
EUR – L/N – This didn’t hold on to much strength yesterday, but this morning, it’s pushed back up again. It pushed above yesterday’s highs. It’s up against a pretty strong resistance level, but there could be a good amount of opportunity if it were able to break the day’s highs again. I’ll look at individual charts
GBP – N – This was down yesterday morning, but rallied at one point, but quickly returned to the downside. Today, price has pushed a bit higher and a bit lower and is sitting right at it’s open. There appears to be a lot of whiplash and indecision in GBP right now, so I’ll hold off
JPY – N – This spiked on the negativity in equities yesterday, but unlike USD, this has dropped a lot further this morning. Also, in USD it looks like a clean bull pullback, but this looks like it’s basing now. I’ll leave this alone for today, and see if it continues to base or if it gets some conviction in one direction or the other
AUD – S – AUD looks like it is bear-rallying, but is up quite a bit on the day. I do expect this to return to the downside, but that happening today seems a bit farfetched. That said, since I am looking at USD to the upside — bouncing off of support, I can look at this to the downside, and see if AUD/USD makes sense at all. I don’t have any shorts right now anyways, so I’ll take a look
NZD – S/N – This pushed down for three days in a row. Today looks less exciting right now, as it’s pushed up and down already and is sitting at the open, but there does appear to be weakness in NZD. The support level it’s at isn’t quite the bottom, but I’ll see what this looks like on individual charts
CHF – L/N – This is pushing up (slightly, as I’m looking at it) for the third day in a row. It had broken the resistance level yesterday, but pulled back and this morning it’s already pushed a bit higher than yesterday’s high. I’ll take a look at this to the long side and see if there’s opportunity if this can break the day’s highs.
Today’s Pairs
EUR/NZD – Short – This looks good on the daily chart. It pushed down pretty strong yesterday, but stalled at some support. It’s up a little right now, and I see a pretty clean 35 pip base on the hourly chart. If the numbers are there, I’ll set an entry order
EUR/NZD – Long – This looks like EURs basket, as it’s up for the third day in a row and right up against some resistance. If this can break this high, which it looks like it’s doing as we speak, it could push quite a bit higher. There’s a decent bull-pullback that’s formed on the 15 min. chart, that just doesn’t look as flushed out on the hourly chart, but it’s still pretty clear. I’ll run the numbers here, too. Also, side note, had I seen this earlier, it looks like the perfect candidate for a test of my new strategy, so I’ll have to remember to keep an eye out for that
NZD/CHF – Short – Almost the exact same thing can be said about this as NZD/USD right now. The only difference being, this appears to be pushing back down already. The base looks very similar on the hourly charts, too, so again, I’ll run the numbers and pull the trigger on the one with the best R:R. I think I’m leaning toward this and the USD pair because the bases look more clear than the pullback on the EUR pair, but we’ll see