Equities ended up finishing strong yesterday, with the Dow making new all-time highs. Today, though, prices are down overall, but don’t seem to be moving as much as they did yesterday. I think I’m just going to take the baskets at face value this morning, and not worry too much about the correlations (maybe slight risk on if anything given the spike and then a weak pullback/base).
USD – S/N – I’m glad I shifted my outlook on this yesterday as it didn’t hold on to any of it’s strength and pushed down and took out some support. It’s pushed down again today and looking at the hourly chart, it’s beginning to base/rally. I’ll take a look at this to the downside on a breakout of support, but I won’t chase here
CAD – N – This broke out of some resistance yesterday, but ended up giving back more than half of it’s gains before it closed. Today, price has pushed up above yesterday’s highs, but is siting closer to it’s open. Looking at the hourly chart, this appears to be trending up, but the daily chart shows a lot of indecision and whipsawing. Regardless, this dip is too large to play long right now, and I don’t see a scenario where I can take this short, so I’ll hold off. Maybe I’ll revisit if it pushes back up again — I’ll set an alert
EUR – N – This looks like It’s making a reversal move to the upside today. It’s up .5% and has completely taken out it’s prior resistance level. That said, it’s currently stalled at the next resistance level, and while it’s basing on the 1h chart, I don’t want to be overzealous with this reversal. I’ll wait for a confirmation to take this long, or a return to the downside to short it
GBP – N – This had a huge spike yesterday, but price ended up closing down. Today, price just appears to be basing, with not much conviction in either direction. This had been very strong for almost 2 full weeks, so maybe it’s run out of steam for a bit. I’ll hold off here for now
JPY – S – This is pushing down strong again today, and looking at the hourly chart, it’s basing again. I’ll look at this to the down side for sure
AUD – L/N – This is pulling back this morning, after 4 up-days in a row. This could be simply a pullback before another push higher, but it looks pretty deep. Overall, so far it looks like it has the best opportunity to push higher (other than maybe GBP), so I’ll take a look at this on individual charts to the long side. I’ll not chase, though
Today’s Pairs
NZD/JPY – Long
High basing, just need to find a suitable target
NZD/USD – Long
This is also high-basing, might be a bigger base, though. It all depends on the target and what my R:R might be
AUD/JPY – Long
This is pushing down right now, and potentially re-testing, but it’s pushing down pretty strong. I’ll hold off for now, but if this starts to push up over the next couple of hours, it might make for a good long. I’ll keep an eye on this and run the numbers when/if it makes sense
AUD/USD – Long
Similar to the above — it’s pulled back a lot deeper than AUD/JPY, though
NZD – L/N – After that huge spike yesterday, price seems to just be basing today. I’ll see if there’s any opportunity to play a breakout here
CHF – N – This is spiking today, but it doesn’t look like a rally. It’s been down for 5 days in a row, but today, it’s almost making a reversal move. I don’t trust the reversal, though, and it’s pretty far away from the lows, so I’ll hold off here