It’s relatively well past 8:30, and the markets are already open. Let’s see if we can still find some opportunities despite not doing RSW prior to the open.
Equities gapped up, but so far are pushing down on the day. I’m mostly going to take the baskets at face value, but I will have a slight risk-off sentiment in mind.
USD – N – This dropped a good amount on Friday, and is now sitting on some pretty strong support (rather than the area that was resistance that became support). Price is up slightly on the day, but has been up more and is sitting pretty close to it’s open. I don’t love this to either direction right now, so I’ll hold off — maybe I’ll revisit later
CAD – L/N – This is high basing, though it did spike up and then quickly pull back. There is a couple of levels that could be areas where this could stall at, but if it spikes it could have a good amount of room to run. I’ll take a look at a couple individual charts, but I definitely won’t chase here
EUR – S/N – This has pushed down a bit on the day already, and made a new low under Friday’s, but has rallied back and is sitting at it’s open. If this can push back through the day’s lows, this could make for a decent short, and looking at the hourly chart, there could be a bearish re-test setup forming. I’ll take a look but I won’t chase. If I see the retest, I’ll take it in my practice account
GBP – N – This is still basing, and even looking at the hourly chart, I don’t see a ton of opportunity. I’ll leave this alone for today
JPY – N – After dropping last Wed, Thur and Fri, this stalled at what I would call a pretty minor support level. Today, it’s spiked up, but is at a more substantial resistance level, and fully within Friday’s candle. I think I’m going to leave this alone for this morning.
AUD – S/N – After being pretty bearish at the beginning of last week, this rallied at the end. Today, this is down a good amount on the day, but is sitting on support (which was also the low of Friday). On the hourly chart, this looks like it has a good amount of weakness behind it, so I’ll take a look at it to the short side
NZD – S/N – This is down a good amount on the day, but is still above the point that I’d consider playing a breakout. There could be a case to be made that if it breaks the day’s low, there’s a bit of room until that breakout point, so that could be tradable, so I’ll take a look at individual charts, but I won’t chase
CHF – N – This is just ranging, MA’s are moving sideways. I’ll leave it alone
Today’s Pairs
EUR/CAD – Short – This has been steadily pushing down for the last 5 days, but looks like it’s running out of steam. Wednesday’s candle was a good size, Thursday’s was pretty big, but Friday’s was small and price closed at the open, and today it’s down but not a ton. On the hourly chart, it looks like this has already broken the major support, but it has retested, but I missed that move, too. I’ll revisit this if I don’t like the others, but I’m not loving this at this juncture. Maybe I can run the numbers on the small base it’s forming now. We’ll see
AUD/CAD – Short – This is in a pretty clear base on the daily chart, and while it’s down today, it’s failed to break that base. On the hourly chart, this pushed down to the bottom of the base, touched the support level, then rallied. It’s pushing back down now, though, but even if it breaks this level, the next major support is so far away, I doubt the R:R is there. I could maybe play a closer resistance level, but it hasn’t really made a move that makes that tradable. I’ll run the numbers based on the top of the range, but I don’t think this is something I’ll touch today
NZD/CAD – Short – This spiked up strong on Friday, but that was after 5 down days in a row. Today, it looks like it’s returning to that weakness, but it’s sitting right on top of a pretty major support level. On the hourly chart, it’s steadily pushing down, so I don’t actually see an entry point right now, but if it bases around here/gives me a tradable pattern, I’ll run the numbers. For now, though, I’ll just keep my eye on it