Equities are down again today, but barely. They’ve mostly just sat at the open. I won’t think too much about risk sentiment and take the baskets largely at face value.
USD – L – I’ve said that I liked USD long for the last couple of days, but now that I’m looking at today’s chart, maybe I should’ve tried to get in before this spike up — that’s a strategy I need to explore. Anyway, price is up a good amount today, and is coming up toward some resistance. The resistance area is still pretty far away unfortunately, but this is in the basket. I’ll take a look to see what this looks like on individual charts
CAD – S – Honestly, if I’m looking to enter based on my thoughts looking at USD, I should look to short this today. Price has been down for the month and was basing for 2 months before that so it definitely looks weak. Price has pushed up to it’s 20 MA this morning, but it’s failed there several times in the past. I think I’ll look at shorting this here, and I’ll make a note somewhere about looking at this slightly differently
EUR – N – This is still just a bunch of muck. I’ll hold off
GBP – L – Well, I guess price wasn’t extended yesterday, because it pushed up again this morning. The spike today is much smaller than yesterday’s, and it might be just basing now, but it is up. Looking at the 4h and hourly charts, it looks like this based for a bit and pushed up out of that base, and is now basing again. I’ll take a look at this on individual charts and see what it looks like
JPY – N – Overall, this does still look strong, but it’s down a bit on the day right now. Like I mentioned yesterday, I do see a bit of a head and shoulders forming on the daily chart, but the bottom of the second shoulder didn’t get as low as the bottom of the first, which negates the pattern a bit. Looking down at hourly/4h charts, this looks like it has more weakness today, so I’m not ready to take it long. I’ll hold off here
AUD – S – This is down a bit today, which looks good for the trading prospect of this overall. It got close to the support level on the daily chart, but failed to break through — that said, on the 4h chart, it did push through some support this morning. I’m not seeing much as far as a base or anything in the basket, but if this is going to break support, I’d like to see what that looks like on individual charts
Today’s Pairs
USD/CAD – Long
Wanted to look at CAD as it was reaching it’s MA, but It’s still pretty far away from it on this chart. Looking down at an hourly, price is mostly basing, too, and pushing down currently. I’ll hold off
AUD/USD – Short
This is in a bit of a retest pattern on the hourly chart, but I haven’t looked at the daily yet. The daily chart has a bear rally formed, so that looks promising as well. I like this to the short side, and I think there’s an entry on the hourly chart, so I’ll run the numbers and see how this looks
GBP/CAD – Long
GBP’s been so strong that the pullback here hasn’t gotten anywhere near the MA. It also already looks extended on the 4h chart, so I’ll hold off
GBP/AUD – Long
This looks a bit extended, but it has a lot of positive things going for it. It’s up quite a bit already on the day, and it took out the highs of yesterday which took out a pretty strong resistance area. Looking at the hourly chart, it based a bit after the initial spike, pushed up again out of that base, and is basing a bit again. I’ll run the numbers here and see what they look like — need to find a target
NZD – N – This is down a bit today, but it’s within a range that started about a month ago. Even if this were to push through the small support area it’s at now, there’s a couple other places I could see this failing not too far below current price. I’ll leave this alone for today
CHF – N – This is pushing up today — it had pushed up a bit further than this, but has pulled off of the highs. Those highs were near some resistance, but looking at the 1h chart, this might be forming a nice cup if it does reach those highs and pull back again to make the handle. I don’t see much today, but that C&H might happen late this week early next