Equities gapped up this morning and are near the highs, but as of right now, they haven’t pushed through them yet. That said, it’s a good sign that there is still strength, and that prices aren’t falling after the gap-up. I’m going to have a slight risk-off sentiment for today.
USD – S/N – With equities being up, it makes sense that USD is down today. It had a nice, large drop, but stalled at some support. I’ll look at this to the short side, to see if any tradable patterns developed on individual charts
CAD – L/N – This is currently on a huge spike up — even going down to the 15 min. chart, it looks like it just happened. It stalled at some resistance that was prior support, so I think if price pulls back here, or bases for a while, it might make a good long. I’ll take a look at individual charts
EUR – N – This has been pushing down, essentially non-stop since the day’s candle opened at midnight. It pushed down enough to take out a couple levels of support, too, and reached a prior-resistance-support level from July of last year. This looks extended here, to me, so I’ll hold off
Today’s Pairs
USD/CAD – Short
NZD/USD – Long
GBP – N – This looks similarly extended. This pushed up when the candle opened this morning for a couple of hours, but has since dropped strong. It stalled at some support, but that level isn’t that far above the next level of support. I’ll hold off here for this morning and maybe revisit later
JPY – N – This is down a bit today, but price has been down a bit and up a bit on the day and is currently sitting in the middle of the candle. Looking at the 4h chart, there’s a bit of a base that’s forming, so there appears to be indecision. I also wouldn’t mind trying to play this base, but it looks like it could break in either direction. I’ll hold off for now, but flag this to keep an eye on it throughout the day
AUD – N – This is up today, but stalling at some resistance. Even if this were to push up through this “weaker” area of resistance, it’s not that far away from the highs, and the actual breakout point, so the R:R won’t be there. I’ll hold off here for now
NZD – L/N – This has been trending down since the beginning of the year, but is making a nice spike right now. Looking at the 4h chart, there does appear to be a bit of a roll over back to the upside — though price is stalling at some resistance. It doesn’t look too extended, though, and it is sitting near some resistance (even if it’s already pushed through in it’s basket) so I’ll take a look at this to the upside on individual charts
CHF – N – This has been pushing down all morning, to the point that it looks extended. Also, it stalled at some support, but not even the bottom of that support level. I’ll hold off for now, but I’ll flag this to keep an eye on it — if it can really break this support level, this could drop a good amount