Equities are down a bit this morning, but not much, and appear to be mostly taking a break after yesterday’s strong up-move. I could see this dropping a little more, but not much today, and then probably pushing back up tomorrow. I’ll lean slightly risk on, but I’ll mostly take the baskets at face value.
USD – S – This has pushed down a bit already this morning, but not a ton, and looking at the 4h chart, it’s in a bit of a range. Right now, though, price is sitting right at the bottom of that range, and it looks like it has quite a bit of room to run if it does break this back to the downside. If my thinking that equities are going to push back up in the next day or so, then I could definitely see that happening. I’ll take a look at this to the downside this morning
CAD – N – This pushed up this morning, and “wicked up” to the first major resistance area of this range, but has since pulled back to the open. It does look like there’s some strength behind this this morning but I’m not sure if it’s enough that’s it’s worth it. Even if this does push up out of that first area of resistance, the next area isn’t very far away. I’ll hold off for now, and probably actually look to short this back to the bottom of the range in the coming days
Today’s Pairs
AUD/USD – Long
AUD/JPY – Long
EUR – N – This appears to have a lot of indecision behind it right now. Price has pushed in both directions on the day and is currently sitting at the open. Looking at the hourly chart, price has been basing since yesterday morning, and while it looks like it pushed through some support this morning, it just stalled at the lows from yesterday. I’ll hold off here until it gets some directionality to it
GBP – N – This still appears to be basing, maybe gaining energy for another big push up, or maybe the up move is over. Either way, I don’t love what it’s doing today — doesn’t look like it really wants to go in either direction — so I’ll hold off
JPY – S/N – This had a nice spike up at the end of last month, but since then has mostly based. This morning, it’s still within that base, but sitting near the lows. If this can really break this level, it could be a really good short. I’ll look at individual charts here
AUD – L/N – This had a couple of strong down-days at the end of February, but on the daily chart, they stayed within the uptrend. As of yesterday and today, price has started to push back up. Looking at the hourly chart, this might be in a base, and one that’d be a good trading opportunity. I’ll definitely take a look at this to the long side
NZD – N – Similar to AUD, this had a couple of large down-days within a longer-term up-trend, but unlike AUD, this doesn’t seem to be recovering as strongly. Instead of pushing back up, this has mostly been basing for the last couple of days. I’ll try to set an alert for this if it pushes higher (if I can’t, I’ll try to keep an eye on it), but I won’t check individual charts quite yet
CHF – N – This looks like it’s pushing down this morning, but not with much conviction. Even if it does manage to break the day’s lows again, there’s not much room, that I can see, for this to fall. I’ll hold off for now