Equities broke out strong across the board — even the VT has made new all-time highs — and USD is already down (though JPY and CHF are up right now….) I’ll lean risk on for sure this morning.
USD – N – This has pushed down quite a bit this morning, and it appears to be on equity strength. That said, it’s stalled at a pretty strong resistance area from early December and again in Early March. Looking at the hourly chart, this broke a major support level, but it looks extended already. Plus, overall USD looks more like it’s returning to the upside and today’s move doesn’t negate that. I’ll (try to) keep my eye on this in case it does push down further, but in the meantime, I’ll hold off
CAD – L – For the past almost-month, this has pushed up, had a couple days of pullbacks, then pushed up again and made new highs, before repeating the process. Today, price is up after pullbacks on Thursday and Friday (and a breakout on Wednesday). Looking at the 1h chart, things look a bit messier, but I see maybe a base, or a bull-pullback. I’ll take a look at this to the upside on individual charts today
Today’s Pairs
USD/CAD – Short
GBP/USD – Long
NZD/USD – Long
EUR – N – This is down a little on the day, but looking at the hourly chart it’s pushed up quite a bit off of some support over the last several hours and is just now basing. Overall, this has been down over the last few months and since early march has largely been in a range, with a lot of candles with large wicks. I don’t like this to either direction right now, so I’ll hold off
GBP – L/N – This has been pushing up pretty consistently over the last few days, and today seems to be no different. It’s broken above some resistance already, but as of right now is in the midst of a pullback. It is a fairly deep pullback, but it’s stalling at support that was a strong prior resistance area, so it looks like there still may be some strength here. I don’t love the pattern here, but I think I like the direction so hopefully the patterns look better on individual charts. I’ll take a look
JPY – N – This is up a little on the day, but it already stalled at some resistance and pulled back. Over the last couple of trading days this has been basing, and it doesn’t look like it’s going to do much else today. I’ll hold off
AUD – N – With equities being up so much, you’d expect this to be up as well, but it isn’t. It’s got some strength today, but looking at the daily chart, it failed to really break the resistance level it’s up against. Looking at the hourly chart, it looks like it did break that resistance level a couple of times, but both times pulled back underneath it. Even if this does push up again, it doesn’t look like it has enough momentum behind it to make a strong push, so I’ll hold off here
NZD – L/N – This is up for the 3rd day in a row and the 6th day out of 7, but none of these days have looked incredibly strong. Looking at the hourly chart, this stalled at some resistance and has pulled back, but it pulled back to some support and is pushing back up. The next level of resistance is pretty far away, so I’ll take a look at this to the upside today
CHF – N – This spiked strong today, but it came up to some resistance and stalled. That plus the fact that it looks extended on the hourly chart and I don’t see much opportunity here. I’ll leave this alone