It feels a little late to trade today, but I haven’t been at the charts for a couple of weeks, so I’ll at least do some analysis…
Equities aren’t moving much, and haven’t for over 2 weeks. Overall they look strong, but have been basing and it doesn’t look like the base is going to be taken out soon. I’ll take the baskets at face value.
USD – N – This pushed down for pretty much the entirety of April, and while it had a decent push up at the end of last week, looks like it’s returning to weakness today. That said, since it did rally at the end of last week, price is still above the swing lows it made, so it’s hard to say how much further this could push down. I think I’ll leave this alone for today, maybe I’ll revisit if there’s nothing else I like
CAD – N – This was extremely strong over the last 2 weeks, but it reached some resistance, and today it’s pushing down. As of right now, it doesn’t look like it has the potential to push back up, so I’ll hold off
EUR – N – This is well within a base that it’s been in since early April and while the base is fairly large, it looks quite unpredictable to me. It’s at the bottom of the base right now, but it had been up a lot more already this morning and pushed down. I don’t love this in either direction right now, so I’ll hold off
GBP – N – This is up quite a bit this morning, but it’s pushing up off of a support level that’s held since late February. This looks like it peaked in early April and has been pushing down since, and there’s a MA crossover (to the downside) that happened a few days ago. That said, it’s largely been basing over the last week+ and hasn’t looked that weak. Either way, I don’t love it today, so I’ll hold off
JPY – N – This had a decent bear run over last week, talking out a fairly strong support level, but at the end of last week, and so far today it’s been basing. There’s still probably weakness here, but it doesn’t look like it’s coming today. I’ll keep my eye on this and try to figure a way to get alerted if it gets to the lows of that base (TradingView’s alerts don’t work that well in the baskets, which makes sense)
AUD – N – This is up a little on the day but that’s coming after 4 down days in a row. Overall, this appears to be in the same range it was in the last time I was looking at charts. There’s some movement within there, but it’s trying to trade a base/range rather than a trend, which I’m not supposed to do (and frankly (especially with AUD) don’t want to do). Trying to get better at following those rules to the letter. In addition, the MA’s are essentially moving sideways, which also tells me there’s not directionality here. I’ll hold off
NZD – N – There’s not a lot of directionality here either. Over the last 2+ weeks this has been mostly ranging, and while it’s up a bit today, that’s coming off of the bottom of that range. If this is able to break the lows of this base, I actually like this a bit to the downside, but that doesn’t look like it’s happening today. I’ll set an alert just in case, though
CHF – N – There’s not much I have to or even want to say above CHF. It’s down a bit on the day, but still within an overall range from early/mid April. I’ll hold off here