Equities closed down yesterday and futures are looking quite weak. I’m going to definitely assume a risk off day today, especially with how things have already moved so far this morning. I will be cautious of a lower open and an up-move throughout the day, though, so we’ll see how things shake out.
USD – N – This spiked a ton this morning, and stalled at some resistance. If equities do in fact drop significantly, this could push higher, but it looks extended on the hourly chart. I’ll hold off for now and (hopefully) see how it performs throughout the day
CAD – S/N – This pushed down this morning and stalled at some support, but has rallied a bit and is sitting at another support/resistance level. I’m in a CAD short trade, but I’m still comfortable with taking this short again, especially if it can push back through the day’s lows
Today’s Pair
CAD/JPY – Short
This looks quite extended already this morning. It could be starting to base again on the hourly chart, but that hasn’t proved out yet. I’ll leave it alone for now, but try to keep my eye on it throughout the day.
EUR – N – This pushed down last night, but has been rallying since midnight. On the daily chart, this candle looks very indecisive as it’s sitting right near it’s open, and while I see a bear rally forming on the hourly chart, the rally is quite huge. I think it’s too far from the lows for that to be worth it and I don’t like this long, so I’ll leave it alone
GBP – N – Yesterday and the previous day’s candles formed spinning tops, and today’s doesn’t look much better. It is more decisively down (right now) and is in a mini base within the overall base on the hourly chart, but I don’t see much confirmation of direction either way. Also, the base on the hourly chart is a double-bottom on the 15 min. chart. I think I’m going to leave this alone — if it pushes back down throughout the day (and I catch it), I’ll maybe look to short this
JPY – L/N – Similar to USD, this spiked this morning and stalled out at another level of resistance. On the hourly chart, it’s starting to base. This one actually looks closer to a breakout point, and while it looks extended here, it might not on individual charts. I’ll take a look at this to the long side, but I’ll try not to chase
AUD – N – This has pushed down quite a bit today, especially for AUD. It’s stalled at some support, but not really a major level. This does look quite extended on the hourly chart, and even with equities pushing down as I type this, this isn’t really moving. I’ll hold off here for now
NZD – N – After spiking up out of some resistance yesterday (and being up for the 4 days prior to that) this has dropped today. It looks like it’s forming a bearish engulfing candle, but it’s stalling out at some support. I’m already in an NZD long trade, so I’m not ready to take this short. I’ll have to make a decision on my current trade, but I’m not going to mess with this now. It might be a great short tomorrow
CHF – N – This had a nice spike this morning and engulfed yesterday’s candle to the upside. It looks extended on the hourly chart, though, and is stalling at some resistance, so I’ll hold off here for now. Maybe look to take this long tomorrow morning