Equity futures are continuing to rise, even with COVID still affecting everything. They’re up about 1.3% (S&P), and looks like they’ll open up right near a resistance level. Again, this is another scenario where equities could gap up, and continue to rise since they’re pushing higher now, or they could run into that resistance level, and drop back down within this range.
I think I’m going to lean toward things staying strong, but I’ll keep an open mind to the possibility of the opposite happening.
USD – S – With equities being strong, this is continuing to look weak, and today, it’s sitting right on top of a support level. If equities do push higher and this drops, that’s a pretty major level that’ll be broken, and there should be some pips available to the next support level. If equities drop, I don’t want to touch this, though
CAD – N – This is down a good amount already today, but sitting right on the same support level that’s held up since March. If this is able to push through this level, I’ll definitely look to short this, but at this point, I just want to wait and see what it does
Today’s Pairs
AUD/JPY – Long
AUD/USD – Long
NZD/JPY – Long
NZD/USD – Long
EUR – N – This is up quite a bit today, but it’s still well within it’s range, and coming up on a resistance level. I suppose maybe if this breaks out of this resistance level, there might be enough room between that level and the next resistance level to make this worth it, but it’s not the prettiest. If I don’t like anything else to the upside today, I’ll revisit this
GBP – N – This could very well be in the midst of another bear rally, or this could be currently forming the second “shoulder” of a reverse head-and-shoulders — it does look like a lot of the selling momentum in today’s and Friday’s candles are fading. I think I’ll hold off for now and see how it plays out in the coming days
JPY – S – This pushed lower a decent amount today, and pushed through a couple of support levels. It has since pulled back a little and sitting on one of those support levels, so if it can break this level again, it looks like a great short to me
AUD – L – This pushed a lot higher this morning, too, compared to how much it’s moved over the last 2 weeks+, and it’s pushed through a couple of resistance levels. Again, it’s off the highs right now, so if it can push up again, this could be a great long play
NZD – L – This pushed up above that trend-line, made a new high, and has pulled back to that trend-line (but is still sitting above it). The only thing that may be giving me a little pause here is that the pullback from the highs is pretty deep, but it definitely looks ready to push higher, so I’ll look to take this long
CHF – N – With the sentiment, this should be pushing lower, but it’s strong today. It’s up against some resistance, and there are a few levels of resistance above current price as well. I’ll leave this alone for now, and see how it shakes out in the coming days — maybe it’s correlation with equities is fading?