Equities opened higher than they closed, and are pushing up at the open. This is a great up-move right now, but it’s early, and I wouldn’t be surprised at all if prices started to drop — but since they are up, I should assume a risk-on day, but drilling down to the 15 min. chart, it looks like this might be stalling at some resistance. I think I’m largely going to take the baskets at face value, but I might have a slight risk-off lean to my analysis this morning.
USD – N – This pushed up this morning and took out a pretty strong resistance area, but failed at another (I’d say weaker) area of resistance. It’s pulled back a ton since, and is well within the range again. Looking at this, I’m starting to believe the correlation/sentiment and am almost thinking about looking at this to the short side. I think I’m going to not rate it at all right now, look at the others and then come back
CAD – N – This pushed down this morning and took out a pretty strong support area, but has since rallied back up to it’s open. This looks like it has a lot of indecision behind it right now, so I’ll leave this alone
EUR – L/N – This pushed up quite a bit earlier this morning and took out a pretty strong resistance level. It stalled at another resistance level, though, and gave back about half of it’s gains on the day. It looks like it’s retesting fairly cleanly, though, so I’ll take a look at this to the upside
Today’s Pairs
EUR/JPY – Long
GBP/JPY – Long
CHF/JPY – Long
GBP – L – This is up a good amount today and while it’s off of the highs, it’s not far off. It’s somewhat stalling at some resistance from September, and even that doesn’t look like an incredibly strong level. I’ll take a look at this to the upside this morning
JPY – S – This is down a ton today and has taken out a pretty strong support level. The next level of support is fairly close, here in the basket, but I’ll take a look at individual charts to see if there’s a better R:R opportunity available
AUD – N – This pushed down a good amount overnight, but since roughly 4am has been spiking. It’s coming back up to a pretty major resistance area, so I think I’m going to hold off here as there seems to be a lot of indecision
NZD – N – Looking at the past roughly 12 hours, same as above. There’s also a pretty major resistance area at the day’s highs and a pretty major support area at the day’s lows. I think I’ll hold off here, too, for today
CHF – L/N – Similar pattern and analysis as EUR