Equities are pushing up a bit today, but not very strongly, and price is still pretty far off of yesterday’s highs. This move, to me, suggests more weakness in the markets this week
I had a Long outlook on USD on Monday, and by today, things have gotten complicated. Price did push up yesterday and Monday, but has been down so far today. That said, looking at the 4h chart, price has pulled back to a support/resistance area, so I’m thinking this is just a dip. I’ll keep looking at this long
CAD is down on the day after making a new high since mid-2017. This definitely looks strong (even though it’s down on the day in it’s basket) so we’ll see what it looks like on individual charts
EUR has pushed down out of the range it’s been in and looks quite weak. That said, it did push to (and largely through) a pretty strong support level (outside of the base I’d been noticing) and has rallied back above that level. I think I’ll definitely take a look at this short today
GBP has large wicks and a small body today. This up-move feels quite exhausted so I’m neutral GBP now
Today’s Pairs
EUR/USD – Short
EUR/CAD – Short
EUR/JPY – Short
NZD/USD – Short
NZD/CAD – Short
NZD/JPY – Short
If I had to choose a direction for JPY right now, I’d say I’d look at this long. It’s been pushing up since the beginning of the year, is up against some resistance right now, and has just broken above the 20 MA. The primary thing giving me pause here is that it’s just slow moving, and there have been a decent amount of down days in this run up. If there is continued weakness in equities, though, this should continue to push up, though, so I’ll take a look at a couple JPY charts
AUD stayed at the support level around .76 yesterday and Monday, and today price has pushed up above the highs of both of those days. The 4h chart is suggesting some more strength, but at the same time, it’s only wicked above the upper band and the MA’s are heading downward. I think I’m just going to leave AUD alone for today and maybe revisit tomorrow
IDK if I missed it or what, but Monday night, NZD pushed through it’s support level that has held up largely since last June. Since then, though, it’s been on a bit of a rally back up to that level (it didn’t push through that strongly, but it did break those levels). I like the idea of continuing to look at this to the short side