I’m a little late this morning, so the markets are already open. They’re down pretty significantly, so I’ll lean risk-off this morning.
USD – N – This is up a bit today, but has already pulled back pretty significantly off of the day’s highs. It appears to be in a basing pattern right now, so I’ll wait to see what happens when this breaks out
CAD – S/N – This was a decent short last week, and it looks better today. It was in a mini, 2-bar base, but it broke to the downside this morning. It’s rallied off of the lows a decent amount already, but could be a bear rally before another push down. I’ll take a look at individual charts here
EUR – N – This broke out of a pretty major resistance area last week, but over the next 2 days pulled back to within that range. Friday it was up and tried to push back to the top of that range but failed and today, there’s a long upper and lower shadow, but this is sitting near it’s open and the full candle is within yesterday’s. I’ll hold off here
GBP – N – Similar to EUR, this pushed out of a major range last week, but in the couple days following, pulled back to within that range. Today, while it has made a new low under yesterdays, it’s still in that previous range and is now sitting right near it’s open. I don’t love this right now, so I’ll hold off
Today’s Pair
NZD/CAD – Long
This is pushing up strong. Doesn’t look extended on the hourly chart and is actually in a pretty clear base. I’ll run the numbers, I don’t know how much upside potential it has, so we’ll see if it’s worth it from that perspective
JPY – N – This hasn’t moved much at all over the last 7 trading days and it appears to just be ranging. There appears to be a lot of indecision here, and it’s still sitting a decent amount above the support level, so I’ll hold off for this morning
AUD – N – This is on it’s third day in a row with longer upper and lower shadows than it’s body. It’s up, but seems to be stalling at some resistance as it hasn’t been able to break that level Friday or today. In a risk-off day, I’d expect this to drop, anyway, and since it’s not pushing up convincingly, I’ll hold off here
NZD – L/N – This is interesting. It’s up for the 4th day in a row, and has pushed out of a pretty strong resistance zone this morning and looks to be holding on to the gains. I guess the main things giving me pause are A) the fact that it appears to be a risk-off day, so this should drop and B) I already took a NZD/CAD long trade (CAD is the only short I see so far today) and I don’t want to press my luck with that pair. That said, this looks strong, so I have to take a look at it, I just won’t chase
CHF – N – I could almost copy and paste EURs analysis from today into here.