Equities are mostly ranging right now and the argument for both a small bull pullback and a head-and-shoulders can be made here. Regardless they’re not extended moves so I’m not really sure how to play them. Again, I think it’d be best to take the baskets at face value, but that hasn’t really worked out for me lately. I need to do something different, and I don’t know what… I’ll start with RSW, possibly not trade, and work on figuring that out.
USD – N – This is making a decent up-move right now after pushing through some support and making a new recent low earlier this morning. I don’t see much potential to the upside, and since it bounced so far off of the lows, I don’t see much to the short side either, so I’ll hold off
CAD – N – This is somewhat basing, but it did push through the lows of the base earlier this morning and has been rallying since. When it pushed down, though, it stalled at support from August/September. Again, I don’t see much potential to either side here, so I’ll hold off
EUR – N – This is ranging and today’s candle has pretty long upper and lower shadows. It also pushed through one level of support within this range, but failed to reach the bottom of the range. This looks choppy, so I’m going to hold off
GBP – L/N – This is up quite a bit already this morning and is pushing up near/above some resistance. This almost looks extended on the hourly chart, but maybe just not extended enough that it might be worth it. I’ll take a look at this on some individual charts to see if there is any opportunity there
JPY – S/N – This is down a good amount on the day after a 6 day rally. The rally stalled at the MA cross-under on Thursday and price has pushed down for the next couple of days. It’s sitting on some support now, and there appears to be some room just to the next level of support, so I’ll take a look here but I’ll try not to chase
AUD – N – This is down a bit on the day, but it’s well within a range and isn’t quite near the lows of that range. I’ll hold off here
NZD – N – This has been steadily pushing up over the last 5 trading days and actually made a new high this morning/overnight. Looking at the hourly chart, it’s already made a pretty strong down-move off of that new high so I’ll hold off here. Maybe revisit if it gets back up near those highs, but I think I’ll just hold off for today and check tomorrow
CHF – N – This is in a pretty strong base, and looking at the hourly chart there’s a lot of choppiness and whiplash, so I’ll hold off