Equities have nearly touched all-time high levels, but since then (which was last Wednesday), price has pulled back a bit. I’m not sure where things are going from here, especially because all of the candle have been small, which isn’t showing much conviction. Couple that with the fact that the correlations haven’t been holding up that well anyways and I’m just going to take the baskets at face value today.
USD – S/N – I’m overall bearish here, which is why I’m rating it a short, but it is in a base now so I’m a bit hesitant. This has been pushing down, stalled at some support and rallied up to the 20MA (on the daily chart), and has somewhat based since then. There’s room between the low of the base and the support level this stalled at last week, so I’ll take a look at individual charts to see if there’s opportunity there
CAD – L/N – This had a nice bullish reversal move happen at the beginning of August, had a few really nice up-days after that, but pulled back again last Friday. Today, price is up a bit, and could be returning back to the up-side. I want to take a look at individual CAD charts to see if there’s opportunity there
Today’s Pairs
USD/CAD – Short
EUR/USD – Long
NZD/CAD – Short
EUR/NZD – Long
EUR – L – This pushed up out of it’s base this morning, but has since pulled back and is sitting right at that resistance level. If this can push back up to the day’s highs, this could be a great long today
GBP – N – This is still fully basing, and sitting right in the middle of the base. I could maybe make an argument for shorting this to the bottom of the range, but it feels like a bit of a stretch, and I don’t need to “find” anything today, so I’ll leave this alone
JPY – N – This looks overall bearish still to me, but after pushing down for most of last week, this rallied a little on Friday and that seems to be continuing today. I’m not ready to call this a long, so I’ll revisit this to the short side when price returns to that direction (or if price makes a trend-reversing move)
AUD – N – This is up a good amount today and has reached back up to the top of the range it’s been in since the spiked up near the end of last month. It doesn’t look like it’s breaking out yet, so I don’t want to rush and take this long so I’ll hold off. Maybe I’ll entertain the idea of taking this short within the range tomorrow, if price makes that sort of move today early/tomorrow
NZD – S/N – I looked at taking this short last week, but the only thing that it made sense against was CHF, which wasn’t strong. I saw this morning that that trade would have triggered, but it’s just barely sitting in profit. I’m not terribly upset I didn’t pull the trigger there. That’s another point, though, this has continued to push down, and looks quite weak. It is at some support from earlier this year, but it’s pushed through it before around here. I’ll definitely take a look at individual charts to see if I can find a place to take this short
CHF – N – This somewhat pushed out of it’s range last week and then stalled at another level of resistance from back in May. Last Friday’s candle was small and price closed near the open and something similar is happening today. I’ll hold off here until it gets more momentum behind it