Equities are mostly stalled right now, and have been for the last week. They don’t look like they’re giving any sentiment, so I’ll take the baskets at face value.
USD – N – This has pushed down through the 20 MA it was riding up last week, but didn’t break the next support area. For the past 3 days, it’s been stalling below 20 and above the support area from a couple of weeks ago — so it looks like it’s not going anywhere anytime soon. I’ll hold off here
CAD – S – This is on a strong push down today, and has taken out a couple of support levels. It’s currently stalled at one that’s been both support and resistance, but it’s been broken several times, too. I’m seeing a bit of a bear rally on the 1h chart, too, so I think I’ll look at this short today
Today’s Pairs
GBP/CAD – Long
CAD/JPY – Short
EUR – N – This is down a bit on the day, but it’s already stalled and rallied at support. This is still just muck to me, so I’ll leave it alone
GBP – L – This is up a bit today, but it’s after 4 down days in a row. Price pushed out of a pretty strong resistance area last week and pulled back since, but it stalled at the support that was resistance and that’s where it is now. This might be a re-test, so I’ll look for entries here on the long side
JPY – L – This is up a little bit today, bouncing off of the 20 MA on Friday. It’s pushed up to new highs over yesterday, but as of right now, it’s pulling back toward it’s open. This looked pretty strong on the daily chart, but looking down at the hourly, it looks like there was an extended move and a quick pullback. The pullback is far too deep to consider it an entry, but now that I say that, this is the basket not the individual charts, so it might look a little better in that view. I’ll take a look at this to the long side to see
AUD – N – I don’t need to spend a lot of time here. This is up for the second day in a row, but this is definitely in a down trend. It doesn’t seem to be retesting anything — there is some resistance at current price, but it’s not that strong — so I’m not sure if there’s any entry opportunity here. I’ll hold off until this shows signs of pushing back down
NZD – N – This is up quite a bit today, but its stalled at some resistance, and is in a a range overall anyway. I don’t see directionality here, so I’ll hold off
CHF – N – This has been pushing up, and looks strong, but quite slow. It had a huge spike yesterday, but closed at it’s open, and while it’s been both up and down on the day, it’s again sitting at it’s open. I don’t see much momentum here, so I’ll hold off