Equities pushed down almost 3% this morning — though they’ve since taken back about half of the losses. Things are definitely looking weak this morning, I’ll assume risk-off (if I didn’t miss the move), but of course, I’ll trade the market in front of me.
USD – N – This is following it’s inverse correlation to equities as it’s pushed up a ton this morning but has given back about half of it’s gains. I like the reversal here, but it’s a little too early since it’s been on a strong downtrend for the last several months. If this can get back to the day’s highs, maybe play this long. If it makes a higher low tomorrow, I’ll definitely look to take it long. I’ll set an alert for now and cross bridges…
CAD – S/N – This is a little confusing because on the daily chart, it shows that this pushed through some strong support, but rallied back to that level. On the 4H, 1H charts, though, it doesn’t show that spike-down — it’s just basing at the support level. Whether it did or didn’t, though, this could be a good short if it breaks that level, so I’ll take a look at individual charts
EUR – L/N – On the daily chart, this appears to be starting a bit of a high base. That said, it just barely broke above Friday’s high this morning and is still sitting a good amount below the “breakout high”. I’ll hold off here for this morning, maybe I’ll set an alert or revisit this afternoon. Actually, at second glance, that was the 4H chart, not daily. With that in mind, the hourly chart is showing a pretty clear bull pullback, and may be wanting to break. It looks like a pretty deep pullback, so the R:R probably isn’t there, but I suppose I’ll take a look at some charts to be safe
GBP – S/N – This is tough this morning. It gapped down, and then remained quite weak, but has since rallied a little off of the lows. Looking at the hourly chart, this might be bear – rallying, so I’ll take a look at individual charts here to see if there’s opportunity
Today’s Pairs
EUR/GBP – Long
This is whipsawing a lot, and failed to get as high as the “breakout area” so I’ll hold off
EUR/CAD – Long
This looks good, it’s up, right against resistance on the daily chart and in a pretty clear bull pullback on the hourly chart. I’m not sure if the R:R is there, but I’ll see what I can figure out
JPY – N – This is interesting, and I updated my USD outlook because of it. This has been up quite a bit today but has taken back a lot of it’s gains. Looking at the 4h chart, though, this is in a pretty clear bull-pullback. The MA’s have crossed over on the 4H chart as well, so I’ll take a look at this to the upside. Actually, I won’t get greedy. I’ll set an alert to revisit if it does swing back up, but I’ll hold off until then
AUD – N – This is down a little on the day, but looks like (on the 4H chart) it’s holding on to it’s strength. It pushed down quite a bit earlier, but stalled at some support and has rallied since. I feel like today, this should be remaining quite weak and since it isn’t when it “should” that speaks to it’s strength. I’ll hold off for now and maybe look to take this long if equities return to the upside later in the week
NZD – N – This is basing pretty strongly on the daily chart, and swinging between a range on the 4H chart. This did push down to the bottom of that range, but failed to meaningfully push through and is up a bit since then. I’ll hold off here for now, but I’ll set an alert in case it gets back to those lows
CHF – N – This pushed up quite a bit earlier but took back over half of it’s gains from this morning. It stalled at some resistance, but this pullback is way too deep to offer a good R:R. I’ll hold off