Equities are up quite a bit today, and since markets are already open, I can see that reflected in the currencies already. I’ll assume a risk-on day today and if I trade, I’ll get out by EOD.
USD – S – This is on it’s 7th down-day in a row. Currently it’s up against some support, but it’s already broken this level once. I’ll take a look to see if there’s opportunity and a good R:R on an USD pair
CAD – L/N – This is up quite a bit already, which gives me some pause, but it is rallying after reaching that lower trend-line, and it’s got a decent amount of room before that upper trend-line. I don’t know if it has enough to make it that far today, so I might hold off until Monday to trade this, but I’ll still take a look just in case
EUR – S/N – This is still ranging, and while it’s down and at a good spot to short within the range, it’s up against some support also that it’s having trouble pushing through. It looks like a lot more currencies are trending today, so I’m going to try to focus on those instead of ones that are ranging
Today’s Pairs
USD/CAD – Short
EUR/CAD – Short
GBP – N – This is up a good amount, but still within a range. It was basing before, pushed up higher than the base, but then pulled back within that base, and is now up — above the basing level, but not quite as high as it got when it pushed up a few days ago. It still looks like a base/range to me, so I’m going to leave it alone
JPY – N – This dropped a lot already today, and stopped at some support. This hasn’t quite reached the bottom of the support level, though, so I think it’ll stay here for a while. Even if it doesn’t I don’t feel comfortable putting an entry order in here when it’s so close to that support level/so far away from where my entry would be. I’ll hold off for now, maybe look to trade this on Sunday/Monday
AUD – N – This is up a good amount today, and has made a slight new high, but not very convincing. It’s also since pulled back and is sitting quite a few pips below that new high. If it hadn’t pulled back so far, I’d definitely look to take this long, but at this point, the next level of resistance is too close to the breakout area. I’ll leave this alone for today
NZD – N – This spiked and got up to a pretty strong resistance level. I’m already in an NZD trade which is doing really well right now, but since this is stuck at resistance, I don’t’ want to take another NZD trade. I’ll just continue to monitor the one I’m in
CHF – N – Similar to the above, but opposite. It’s pushed quite a bit lower on the day, got stuck at some support, and since I’m already in a CHF trade, I don’t want to take another position