Equities are basing still and futures are showing more of the same. I don’t necessarily want to take a trade today — unless I see something great — so I’m just going to take the baskets at face value.
USD – N – This is in a low-base and there’s multiple levels of support between current price, today’s lows, and the range lows. It’s also sitting right near the open, suggesting a lot of indecision. I’ll leave this alone for today
CAD – N – After the big spike on Wednesday, this has been pushing back down. I thought that up-move would form more of a bear rally than anything, and that’s what has appeared to happen. Today’s candle, though, has made a new low from yesterday, but didn’t break any real support, and is now sitting at the open. I like this to the downside, but not until it pushes through this support again. I’ll hold off here until that happens
EUR – L/N – This looks like it’ll be a good long play soon if price pushes back up. This spiked up at the beginning of last week and while it based again, it based near the top of the range. Earlier today, this broke out of the highs of that range that’s held up since mid-April, but has since pulled back to the open. If this can push back up to those highs, this could be a great long. I’ll take a look at individual charts, but I want to make sure it breaks the day’s highs before I do anything
GBP – N – This spiked up this morning, but has failed at the 50MA as it has a few times in the past (though in the past, it did push a bit further through that level before reversing. I’m overall bearish GBP, and I don’t see a way to play this counter-trend, so I’ll hold off until this pushes back down again — which is when I’ll look to short this again
JPY – S/N – This pushed down this morning, stalled out at some support (though it’s lows didn’t quite get to the lowest point of that support level) and has since rallied back to another support level. If this can push through today’s lows, this could run a ways. It hasn’t happened yet, so it seems due, but I’m not sure today’s the actual day. That said, I still want to look at individual charts to see what they look like
AUD – N – This did push out of it’s base to the upside last week, but failed and pulled right back into the range. Today, it’s staying right in that range, and from the looks of it today’s candle is fully within yesterday’s (which looks very difficult considering how small even yesterday’s candle was). I’m going to leave this alone until it gets more conviction behind it
NZD – N – This pushed up above a pretty major trend-line, stayed up there for a couple of day, but pulled back and has since somewhat hovered right near that trend-line/the 20MA. It’s definitely basing again, and at this point, there’s no telling which way it may break. I’ll leave this alone for now and revisit next week
CHF – N – This had a huge drop last Wednesday, taking out multiple support levels, but rallied back to the major range it had been in since mid-June over Thursday and Friday. Today, it’s still within that range, and today’s candle looks a lot more like the candles did before the big drop on Wednesday. I don’t see equities blowing up in either direction, so I don’t see this breaking convincingly in either direction. I’ll hold off for now