Equities are up a bit today, but appear to just be basing. After yesterday’s spike, price pulled back and closed a bit lower, and today’s candle is just sitting in that area. I’ll take the baskets at face value this morning.
USD – N – This is rallying a bit today, but is still sitting near the lows of yesterday which were right on top of a pretty strong support/prior resistance level. That said, looking at the 4h chart, the support area is somewhat large, and price isn’t quite near those lows. I don’t see any good entry points, or much conviction in either direction, so I’ll hold off here
CAD – N – This is still ranging, and doesn’t look like it has much room to move in either direction, so I’ll hold off for today
EUR – N – This is mostly basing this morning, but looking at the hourly chart, it might be more weak. That said, It’s sitting off of the lows of the day which are still a bit above some support/an entry point, so I don’t see actually trading this right now anyway. I’ll hold off and revisit tomorrow
GBP – L/N – This is having a nice, large drop today, but it’s in the midst of a strong up-move and it’s currently stalling out at some prior resistance. I don’t think this is reversing here, so I’m not going to short it, and it’s not making much in the way of an up-move, so I think I’ll look at this long if it does push back up. Yep, I just changed my tune as I was typing that. This could actually be a perfect dip to buy, esp. since it’s sitting on that support level (retest) I’ll look at this to the up side again today
JPY – N – This looks weak again today, but it’s within a range it’s been in for the last 5 trading days. Also, as this is pushing down, it’s still pretty far above the support/entry level I’d like. I’ll set an alert to let me know if it does reach those lows, but otherwise I’ll hold off
AUD – N – This spiked nicely this morning, taking out a pretty strong resistance level. It’s now stalling at (or, more accurately, near) the next resistance level that’s held up largely since the beginning of the year. This looks like it could blow up, but more likely in my mind, this is where this is going to stall for a bit. I’ll keep an eye on it, maybe set an alert, but I’m largely going to hold off here for this morning
NZD – S/N – If equities were shaping up to be weak (which, they’re not necessarily not) I would really like this to the downside — it’s been pushing down for the last week, and is currently on a bit of a rally — stalling out at some resistance. I don’t have any other shorts this morning, so for that reason I somewhat want to look at this short, but I also don’t want to chase and force something just to find a trade —— I guess that’s all of trading though, right? I think I’ll take a look at this to the downside, but I’ll see if there are other signs pointing to this (or something else) short
CHF – N – This is down a good amount today, but this has also rallied over the last couple of days. If this were an hourly chart, it would look like an almost perfect re-test, but given the fact it’s the daily chart, that play would take way too long to fulfill. Looking down at an hourly chart, the argument could definitely be made that a reversal has happened, and this wants to take off higher. Maybe the fact that I’m so indecisive here suggests I should just leave it alone, so I guess I’ll do that. Maybe I’ll come back if the RSW JPY chart shows something I like