Welcome, traders, to another day of analyzing the Forex market for great investing opportunities. Follow along as I look through baskets for major Currencies, in order to pair them together and determine the best place to put my money for the day!
I’m a little sluggish this morning. Had some drinks last night and just not 100% today. I’m alright though, and ready to dive in.
USD – Neutral
This has been relatively vertical for the last roughly three weeks, but has somewhat hit a peak around a key area that’s held up several times in the past. Today, price has made a fairly significant drop, so even if I were to try to take this long, today isn’t the day. It also isn’t making any reversal-type moves, so I’m not shorting it, I’m just going to hold off here
CAD – Neutral
This has somewhat been strong over the last few weeks, but the last few days price has dropped. This looks like it could be a reversal to the downside, but nothing is really confirmed. It’s made a lower low, and today’s candle has made a lower high at the open, but is sitting down a decent amount on the day right now. I’ll leave this alone until it has more conviction in one direction or the other
EUR – Long
This has broken out of a fairly strong key area this morning and looks like it’s holding on to the gains. I’ll definitely look at this long
GBP – Neutral
This looks like it could be strong, and has the potential to make a push up, but I’m not sure if it’s there yet. It’s getting near recent highs from the beginning of this month, but is still sitting a little off of that high. I’ll hold off here for today, and revisit either this afternoon or, probably, next week as I don’t think I’ll pull a swing trade tomorrow.
JPY – Short
This looked weak yesterday, but it didn’t really make a strong push at all. Today, it looks like it’s made a stronger down-move than yesterday, and is currently sitting on a key level in it’s basket. Looks like a good short opportunity here, hopefully I can find something on individual charts
AUD – Neutral
This, overall, has been weak and since the beginning of the month, has largely been basing. Today, price has made a good push to the upside, but it seems to be failing at the highs of that base. This isn’t making a reversal move yet, so I’m not trading it long, and it’s not near the breakout of the base on the low end, so I’ll just hold off.
NZD – Neutral
This has been weak, too, and has failed at a support area that held up back in June several times over the last week or so. Today, price is largely up, but failing at a resistance area that’s acted as both support and resistance several times going back to late April. I don’t see conviction in either direction here — if I were a range-bound trader, I’d have something, but I’m not — so I’m going to hold off.
CHF – Long
This is a little tricky, but I’ll take a look at it long. Price has been very strong, but based through the second half of July. Since the beginning of August, though, price has still been basing, but it’s been a smaller base near the highs of the prior one. On Tuesday and today, price pushed up out of the base, but has pulled back some (still hovering around the highs of the prior base), so it looks like it wants to break out again, it’s just a matter of time. I’ll take a look at this long today in case today’s the day in an individual chart.
Thanks for reading. Trading is all about learning and sharing insights, so feel free to share your thoughts on this analysis in the comments below!