Equities, once again, aren’t moving that much this morning. They’re up slightly, but still within a range, and sitting off of the highs. I’ll take the baskets at face value this morning, and lean more toward playing ranges rather than breakouts.
USD – L/N – This is up a good amount this morning and is stuck at some resistance in the middle of the range it’s been in for roughly 2 weeks. It looks like It’s trying to break out past this resistance here, so I’ll take a look at this just to the top of this range
CAD – N – This is up slightly on the day, but that’s after 2 strong down-days, and it had pushed further down this morning. Looking at the daily chart, this has big wicks and a small body, so I don’t love that, but looking at the 4h chart, there’s a nice base forming. I’ll set an alert to let me know if it gets to either extreme of this base, but otherwise, I’ll hold off
Today’s Pairs
EUR/USD – Short
EUR/NZD – Short
EUR – S/N – This is down a good amount already this morning and is starting to stall at some support. This definitely could push down through this support level, but even if it does, I don’t A) see a tradable pattern and B) think it can fall that far as the next support level is fairly close. Actually, I was going to try to keep an eye on this, but the baskets are just to gauge direction and this looks like it could push down. I’ll look at this on individual charts and make my decision from there
GBP – N – This has also been ranging for about 2 weeks, but doesn’t look like it has much conviction in either direction. On the hourly chart, there’s a small base formed within a slightly larger base on the 4h chart. I’ll hold off again here, and look to trade GBP when there’s more momentum behind it (if I can catch it)
JPY – N – This is down overall on the day, but is pushing up as I’m typing this. I’m not seeing much conviction here in either direction, either, so I’ll hold off
AUD – N – This pushed up a little this morning, but has pulled back a good amount off of the highs. The highs, also, were at a level of resistance about halfway between the open and the highs of the range. This doesn’t look like it has much momentum behind it, so I’m going to hold off this morning and revisit later/tomorrow morning (the latter, lets not kid ourselves)
NZD – L/N – This is up a good amount today, and broke out of some resistance. I’ll see if I can catch this on a retest or another bull move
CHF – N – This is down quite a bit today, but like so many others, is stalling at some support that’s within a longer-term range. I’m not sure it’ll get the conviction to break that today, so I’ll hold off