Equities saw a large candle again yesterday — the first sizable one since late June — which was a pretty major drop almost immediately after touching the resistance level from early – mid June. Futures are up slightly right now, but not convincingly so, and are in a low base on the hourly chart. I’m leaning toward a risk-off day and hopefully that sustains for at least the week.
USD – L/N – The big drop in equities yesterday caused this to have a rally near the end of the day, and today, it’s made a new high, but has pulled back to it’s open. I want to take a look at individual charts, though, and see if this has room to run if it were to break the day’s highs
CAD – S/N – This is down a decent amount today, and has finally broken most of that resistance a couple of days ago, so it looks like a good short. That said, today’s low isn’t quite as low as yesterdays (which isn’t quite as low as the previous days ) so there’s a couple levels this needs to break before I set an entry order, but I want to take a look at individual charts to see what they look like here
EUR – N – I was glancing at EUR yesterday, but I didn’t see anything that I liked — which is too bad because this pushed up almost 1% by today from yesterday’s open. Now, this has run into the resistance area that has held up since mid-April, so I’m not looking to take this long here .I might looks to short it tomorrow, though
GBP – S – This is down fairly significantly for the second day in a row, and is sitting on a little bit of support. If it can push through this level, I like this just to the next support level. It’s in a downtrend, and though it made a move that made me believe it was going to reverse, it hasn’t sustained that move. That said, I could also be wrong here, and this could be a bull pullback, but that’s why I’m going to wait until this pushes back to and through the day’s lows before I actually pull the trigger to get into GBP.
Today’s Pairs
USD/CAD – Long
GBP/USD – Short
NZD/USD – Short
CAD/CHF – Short
GBP/CHF – Short
NZD/CHF – Short
JPY – N – This rallied a bit on equity weakness yesterday, but it was down so much in the AM that it still closed lower. Today’s candle is fully within yesterday’s and price is sitting right at the open, if not pushing down a little. This might be a bear rally, but it’s pretty far away from the highs, so I’m going to hold off here for now, and see if it rallies up to those highs
AUD – N – This is up a good amount today, but is still well within the base, and the day’s highs are up against a pretty strong resistance level. Even if it breaks this high, there’s another one very close. Also, I’m leaning toward a risk-off day today, which would mean I’d like to short this. It doesn’t look like that’s an option right now, so I’ll hold off
NZD – S/N – This has pushed back through that trend-line that it recently pushed up above, and is now sitting on some support — support that made up a previous base for most of June. If this can push through this level, especially in a risk-off day, this could run a good amount. Enough that the trade would be worth it. I’ll take a look at individual charts
CHF – L/N – This is up significantly compared to how it’s been moving over the last month, and has just pushed through some support before pulling back off of the highs. If this can push back up to and through those levels, I like this a lot. Again, in a risk-off day, this should push higher, so I just have to find my opportunity