Equities are down pretty strong this morning, so I’ll lean risk-off. Either way, though, it’s Friday, so I probably won’t trade at all, we’ll see.
USD – L – This is pushing up this morning and it just broke out of some resistance. It doesn’t look extended — it actually looks like it’s maybe building momentum, so I’ll take a look at this to the long side
CAD – S – After the big spike last week, this based for most of this week. Last night, it pushed down through the lows of the base and has been basing again since. It looks like It’s pushing down now, and if it breaks this level, there’s a ton of room until the next support level, so I’ll look at this short
EUR – N – This is up a bit on the day, but it’s in the middle of a longer term range. I don’t like this in either direction, really, so I’ll hold off
Today’s Pairs
USD/CAD – Long
NZD/USD – Short
CAD/JPY – Short
NZD/JPY – Short
GBP – N – This is down quite a bit this morning, and looks like it’s maybe rolling over to the downside. That said, it’s sitting right on top of a support/prior resistance area and I don’t see a ton of room for this to drop today. I’ll hold off for now, but look for shorts next week
JPY – L – This is up a good amount this morning, and while it doesn’t look convincing on the daily chart, the hourly chart looks like there’s some upward momentum. It just broke out of a resistance area from a base it’s been in for the last 1/2 day or so, and is currently stalled at another. There’s no exact pattern here that I see, but there may be one on individual charts. I’ll take a look at this to the upside but I won’t chase
AUD – N – This pushed up quite a bit yesterday and looked like it wanted to make a push upward, but it quickly reversed back to within the range it had been in. I can’t really call this a re-test since it pushed well into the range, and while it’s trying to push back up now, it’s still below the highs. I don’t love this here, so I’ll hold off
NZD – S/N – This is a bit of a tough one because it’s showing some signs of weakness. It’s been ranging for most of the month like AUD, but it didn’t have the spike yesterday and is now sitting at the support level of the range. It’s a little above, but if it breaks it could drop pretty far, and with equities being down that might be a possibility. I was hoping not to look at too many pairs this morning but 4 isn’t too bad. I’ll see what this looks like on individual charts but, again, I won’t chase
CHF – N – This is down, within a range and is above the lows of the range. I don’t see much here so I’ll hold off