Equities gapped up this morning and are pushing up right now. Looking at the daily chart and they’re coming up to some resistance. It being Friday, I’m guessing there’s not a ton of movement coming, and because of that I don’t plan to trade, so I’ll take the baskets mostly at face value and I’ll do a “quick” analysis this morning.
USD – N – This is down a bit today, but it looks like it’s just basing, price is still above yesterday’s lows which look like a decent support level on the 4h chart. I’m in a trade here, so hopefully it pushes back up, but regardless, I’m not taking a second position
CAD – N – This is pushing up again today, but it’s off of the highs/breakout area and there’s still a lot of candles with small bodies and large wicks. I don’t love that price action, so I’ll hold off
EUR – S/N – This looks like it’s pushing down within the longer-term range it’s been in, though it’s pushed further down already and has rallied. Looking at the 4h chart, it appears to be basing right at some support that was prior resistance, so there might be room for this to drop. I’ll take a look at individual charts
Today’s Pairs
EUR/GBP – Short
EUR/AUD – Short
GBP – L/N – This has pushed up a decent amount this morning, and it’s gotten near the top of the range it’s been in all month, but it’s still not quite at the highs. Looking at the hourly chart, it almost looks extended, but there is a decent base that’s forming right now (it’s kind of already been broken, but is now pulling back). I suppose I’ll take a look at this to the upside, but again, I’ll do my best to only play it on a breakout of those highs (which probably won’t happen today given it’s Friday)
JPY – N – This is down a ton today, but it’s already stalled at a prior support area that has acted as resistance as well. This down push could be a reversal back to the downside, but really it’s still in the framework of the original reversal to the upside. As of today, though, I don’t love it. I’ll have to see where this starts to move next week
AUD – L/N – This is on a decent spike for the second day in a row, and it’s coming off of the bottom of the range it’s been in for a while. Looking at the 4h and hourly charts, it’s coming up against some resistance that’s been both within this range. It might have some more upside potential if it can break that area, so I’ll take a look
NZD – N – On the daily chart, this looks like it’s maybe beginning a base. On the 4h chart, though, while it’s in a bit of a range, it looks like it’s rounding back to the upside (after the huge drop it had on Tuesday). Regardless, I’m in a trade here now so I’m not taking anything new, I’m just hoping it doesn’t have that much strength behind it and it starts to push down again
CHF – N – This has pushed down a good amount this morning and is near the bottom of it’s range, but it’s not at the bottom, and definitely doesn’t look like it’s threatening to breakout, so I’ll hold off