Looks like all equities are pushing down this morning, but they also could be stalling at some support from mid-January. This might be another day where not much happens, so I’ll take the baskets at face value with a slight risk-off sentiment
Update after analysis: The pairs and directions I’m, now, looking at this morning look more risk-on than risk-off, even though I assumed a risk-off environment. I think that just means that maybe overall sentiment is risk-on and equities aren’t following yet? Or, the correlations are breaking down? Regardless, unless it seems amazing, if I take a trade in Kiwi or Franc, I’ll only take 1/2 position size.
USD – N – On the daily chart, this looks like it’s starting to base a bit (as do equities), and while it is up against a pretty major resistance level on the 4h chart, it doesn’t look like it has a ton of upside to it. That said, this could break out and make a decent up move especially if equities push through support and continue down. I’ll hold off for now, and revisit if I don’t like anything else long today
CAD – L/N – This is down a bit right now, but this is after spiking above yesterday’s highs. At this exact moment, there doesn’t appear to be much conviction behind this, but it could be resting before another big up-move. I’ll take a look at this on individual charts
EUR – S/N – This pushed down this morning, rallied a bit, and is pushing down again. It’s sitting on a pretty major support level, too, so I’ll take a look at this to the short side
Today’s Pairs
EUR/CAD – Short
CAD/CHF – Long
EUR/NZD – Short
EUR/CHF – Long
GBP – N – Looking at the daily chart, this appears to be starting to roll over to the down side. This has been pushing up for most of the year so far, but the last 4 trading days are down with large wicks and small bodies. I don’t like this in either direction right now, so I’ll hold off
JPY – N – This is in the middle of a 3-day base and doesn’t look like it’s planning on going anywhere anytime soon. This is one that should’ve been pushing up more during the couple of days when Equities were down, but it’s failed to do so. So, when equities are pushing up again, I’ll definitely look to short this since that’s where it seems to want to go
AUD – N – This is up slightly today despite equities being largely down. This looks like it’s basing a bit on the daily chart, and AUD tends to base for a LONG time. I’d expect this to push down further if this was weak (on the correlation with equities), and since it’s not, I’m going to hold off here
NZD – L/N – This pushed up and out of a pretty major resistance level, but has since pulled back. If this can push back up to those highs, it might make for a great long. I’ll take a look at individual charts
CHF – S/N – This broke to some new lows this morning, too, and has since been basing. This base might just be a rest before another push down, so I’ll take a look at this on individual charts