Equities closed down yesterday, but didn’t make a new high or new low above/below Monday. Futures are up slightly, but sitting near the lows on the day (so far). Futures appear to be ranging, so I’ll lean more risk-on if anything, but I’ll mostly take the baskets at face value and see how things shake out throughout the day.
USD – N – After appearing to gain some strength yesterday, this is down a good amount today. At this juncture, it looks like it’s stalling for a bit as it’s not making new highs or lows and the MA’s are moving sideways. I’ll leave this alone for this morning and maybe revisit later
CAD – N – This broke to a new recent high yesterday, but gave back almost 1/2 of it’s gains by the end of the day. On the hourly chart, it double-topped and pushed down below the break line. Now, it’s sitting on some support, but I don’t see much opportunity to the next support level. I’ll hold off for now
EUR – N – This is still in it’s range and while it pushed down this morning, it stalled at some support and is now sitting closer to it’s open. There are also a lot of candles with large wicks and small bodies, which I don’t like, and today is looking like another one of those. I’ll hold off here for today
GBP – N – This dropped a ton yesterday, over 1%, but today, it’s taken nearly all of that back. Those moves, though, stayed right within the range it’s been in since the end of September, so I don’t really see much opportunity here. I think I’ll hold off for now
Today’s Pairs
NZD/CHF – Long
At a glance, this looks somewhat like NZDs basket. It stalled at some resistance and then pulled back. On the hourly chart, there’s a pretty clear bull-pullback that has formed and while it looks quite deep, it’s less than 30 pips. I did a rough estimate, and it looks like the R:R will be over 1, but it might not make it to 1.5. I’ll run them for real and see how it shakes out. Might be a 1/2 position size play
CHF/JPY – Short
On the daily chart, this closed below the 50MA and is approaching the 20. On the 4hour chart, I’m seeing a clear base. If this can push down and break out of the base, it has a little bit of room to run, but I’m not sure if it has enough where the R:R will be there. I’ll run the numbers here, too, and see
JPY – L/N – This is up for the third day in a row, and while it’s made another new high over yesterday’s, it’s currently sitting near it’s open. If this can push back up through the day’s highs, there might be some opportunity there, but I don’t see a ton. I’ll take a look at individual charts to see if there’s any pips to be made
AUD – N – This dropped yesterday, but failed to reach the support level from last week. Today, price is up a bit, but hasn’t made new lows or highs at all. This hasn’t been moving much lately, and today appears to be more of the same, so I’ll hold off for now
NZD – L/N – This is steadily pushing up, and yesterday it closed above the 20 and 50 MA’s. Today, it’s made another new high, but has pulled back and is sitting at it’s open. If this were to push back up through the day’s highs, this could run a ways. I’m not sure if the R:R will be there, or if it actually will get that much momentum, but I’ll take a look at individual charts to see
CHF – S/N – This ended up dropping quite a bit yesterday after appearing to have indecision in the morning. Today, it broke that minor level of support and stopped somewhat in the middle of the overall range it’s been in. It did rally up to it’s open again, but if this can push back down, there might be some opportunity there. I’ll take a look at individual charts