Late start this morning, but at least I’m starting. I’m still feeling the effects of the Superbowl party, which is why I didn’t trade at all yesterday. Today, I’ll do my analysis, but I’m not sure I’m in the headspace to pull a trigger. We’ll see how things look and I’ll make a call after doing my analysis
Equities pushed up to new highs again yesterday, but today they’re down a bit, but really haven’t moved much at all. It looks like they’re in a minor base — doesn’t look too convincing that things are actually pushing down — so I’ll just take the baskets at face value.
USD – N – This has been pushing down over the last 3 days, which mostly coincides with equities. Right now, this is stuck at some support that was prior resistance, and appears to be basing at this level. Since equities don’t seem to have that much conviction behind them today, I don’t see this dropping much further, so I’ll hold off
CAD – N – This has been largely basing for the last few days, and this morning price broke the lows of the base, but then quickly recovered back to within the base. Looking at the 4h and 1h charts, it looks more like a one-off spike than anything, but it was pretty large. I don’t think it’s ready to be taken long, and it’s pushed up too high for a short already, so I’ll hold off here
EUR – N – This is up a decent amount today, but it’s well within a low base, and price just barely pushed up above the highs of the base this morning. Since then, though, price has dropped back to within the range and as of right now, looks like it’s going to stay there. I don’t like this enough right now to look at it in either direction, so I’ll hold off. Maybe I’ll revisit later today, but definitely tomorrow
GBP – L/N – This had a huge spike last Thursday, but pulled back off of the highs and started basing. Today, price is still within that base, but has pushed up through some resistance and has pulled back to that level. There might be some strength here, so I’ll take a look at individual charts, but I won’t chase
JPY – N – This has been extremely weak for over 3 months now. Today, price is pushing up, and making what could be considered a reversal move, but it’s made similar moves during this downtrend, and ultimately price ended up pushing back down. If this comes back, stalls at some support and pushes back up — power reversal — I’ll look at this to the long side. For now, though, I’ll hold off
AUD – N – This is strange right now because on the daily chart, there’s a small gain showing, but looking at the 4h chart, there’s three down candles in a row (though they all have small bodies at the top of the candle and long lower wicks). Looking at the hourly chart, things get a little more clear, and it’s just in a long-term range. I don’t really love this to either side right now, so I’ll hold off for today
NZD – N – This has been pushing down this morning, but is stalled at a pretty strong support level. Overall, for the last few days, this has been ranging, and it appears price is planning on staying within that range so far today. I’ll hold off for now and revisit tomorrow especially since, being realistic, I know I’m not going to be looking at the charts later….
CHF – N – This had a nice spike this morning, broke a fairly strong level of resistance and stalled at another level of resistance. This looks like it could be making a reversal move, but It’s been weak for a long time, so I’d need more confirmation of that happening before I took this long. I’ll hold off for now and see where it is in the morning