Equities are dropping this morning, taking out the lows of the base they’ve been in for the last few days. It’s stalling at a support level that was prior resistance right now — this may be it or maybe it’ll push down a bit further. I’ll lean a little risk-off this morning.
USD – L/N – This is pushing up strong today, and may be extended/I may be too late. It’s up a ton, but has stalled out at some prior resistance and is pulling back. I’d like this if it were to base for a couple of hours, so I’ll revisit around noon to see if it, in fact, based (maybe I should add this to my watch list so I can see how it does on individual charts rather than the basket..)
CAD – N – This has pushed back down almost the same amount that it spiked yesterday. And is now sitting on top of the prior resistance level. It could be a re-test, but it’s not one I’d get in until the confirmation, so I’ll just set an alert to let me know if it gets back up to those levels. In the meantime, I’ll hold off
Today’s Pairs
NZD/USD – Short
NZD/JPY – Short
EUR – N – After dropping for most of the year so far, this is now on a bit of a rally. It’s not huge, though, so I don’t want to take this long, but it is up enough that it’s not in a place where I’d feel comfortable shorting it, so I’ll hold off
GBP – N – Looking at the daily chart, this is in a bit of a range and the last 3 days (including today) have huge wicks and small bodies. There’s too much indecision here for me today, so I’ll hold off
JPY – L/N – This spiked a ton today, took out the highs of the base it was in and stalled at a resistance level that was prior support. I probably missed this move too, and it might not push up past that next resistance level, but I’ll set an alert to let me know if it gets back up to those highs. Actually, like USD, I’ll keep my eye on individual charts here
AUD – N – This is still mostly high-basing, but is pushing down today and is sitting at the bottom of the base now. Like yesterday when this was at the top of it’s base and looked poised to break out and I didn’t trust it, I don’t trust this to break down through this support either. I’ll hold off here and revisit on a re-test if it does, in fact, break that level meaningfully
NZD – S/N – Similar story to the above, except this did break the support level and is sitting on a support level that was prior resistance to a range back in December. If this can push through this level, the bottom of that next range could be a great target. I’ll take a look at this to the downside this morning
CHF – N – After breaking a mini base yesterday, this stalled at the next level of support and spiked. It’s up quite a bit on the day and appears to be stalling at the resistance level of the base it broke yesterday. I don’t think this has much more up-side potential (though the ATR is starting to slope up, even with the big spike — on a second look, that’s not quite enough), so I’ll leave this alone for now