Welcome to my blog! Today, I’m sharing my Forex analysis for September 6th 2023.
Once again, I’m not having an amazing morning. Fuck it. I’m not giving a sob story today, I’m just going to dive in to the baskets.
USD – Neutral
Price didn’t hold on to the gains yesterday, and has largely been moving sideways since peaking yesterday. I could see more strength here in the future, but price is off of the highs pretty significantly, so I’ll hold off.
CAD – Neutral
This did push down off of the highs of the range yesterday, but I wasn’t able to capitalize. Price pushed to the middle of the prior range, to one of the several key areas that have formed within this range. As of right now, price seems to be bouncing off of that key area, which could be one of two things. Either A) a retest of that level and price is heading back to the upside or B) a reversal where price is making a lower high after making a lower low.
A would be bullish and B would be bearish, and since I could see either scenario, I’ll hold off until there’s more confirmation of one direction over the other.
EUR – Neutral
This is showing some recent weakness, but longer-term, I’m seeing an uptrend. Currently, price is sitting in the middle of a range it’s been in since the end of last month, and doesn’t look like it has much conviction in either direction. I’ll hold off for now.
GBP – Short
This did push off of the highs of the range yesterday and has been weak since. This morning, price pushed through a key area that was created within this range, and still has a good amount of room to the bottom of the range, so I’ll look at this short.
JPY – Neutral
JPY is giving me some pause this morning. It’s up on the day, and has pushed up above the key area that’s made up the lows of this “range”. I put range in quotes, though, because the highs are steadily getting lower. I don’t trust JPY’s upside, and it’s not showing signs of continued weakness today, so I’ll hold off.
AUD – Short
Price has rallied a bit this morning after it’s strong push down yesterday. But that rally is stalling at the key area that was broken yesterday. This looks to me like price is returning to it’s push to the downside (even though it’s not down right now). I’ll see what this looks like on individual charts — if it is pushing back down, it could fall for a while making for a really good short.
NZD – Neutral
This is pushing down again today, and today’s push down is making this range more defined (rather than the strange potential up-trend I noticed yesterday). That said, price is still above the lows of the range, so I’m not sure how much further down it’ll push.
I’ll leave this alone until I can see some conviction to one direction or the other. Maybe this will be a decent range play tomorrow or overnight tonight if I end up looking at charts again.
CHF – Neutral
This failed to hold on to the gains yesterday, and pushed down off of that resistance area price reached. There’s not much strength today, and not only has price not shown a down-trend, it’s still sitting above the recent swing lows. I don’t have a great argument for a strong move in either direction, so I’ll hold off until this range ends and it breaks in one direction or the other.
I only saw shorts today, so I might not trade. USD was the only thing, really, I could argue long, I think. So I guess I’ll just look at my short pairs VS the dollar. If I don’t see anything there, I’ll consider looking at my day-trading pairs, though I’m not sure if I want to day-trade them, or look for swing trading opportunities.
I guess, if I see a swing opportunity, I can go back to the baskets to see what those are suggesting, to make sure I’m not taking any stabs in the dark. We’ll see how today plays out.
Thank for reading, and stay tuned for more Forex analysis and Trades.