I haven’t been following the correlation with Equities much lately because, well, currencies haven’t been following their correlations. That said, yesterday, the S&P made a new all-time high, and while it pulled back quickly once that happened, it closed slightly up. Actually, now that I’m looking, futures are down, so this might not do the big “blow-off-top” that I was considering, and it might be down on the day. I’ll take the baskets at face value.
USD – S – This pushed through that support level this morning, but has rallied back up to it. I’ll take a look at individual charts to see what this might do if it pushes back down
CAD – N – I think I’m still overall bullish here now, but it doesn’t look viable today. This has pushed a bit in both directions on the day, but price is sitting at the open. It’s low is also right at the 50MA (the MA’s haven’t crossed yest). I’ll hold off for now until it gets more momentum behind it
EUR – N – This is basing now, and for the third day in a row, price has pushed in both directions but is sitting at the open. I still like this to the upside, but it doesn’t look like it’ll be a play today
GBP – N – Hm. This actually broke out of it’s range yesterday, but not very convincingly and today’s candle is down sharply back to within the range. It’s low is a bit too close to the low of the range for me to try to short this here (plus it’s rallied a good amount off of the lows already) and I’m not ready to say this has broken out without confirmation, so I’ll hold off here
JPY – N – This had that upside-down hammer candle yesterday which looked promising for a move to the downside, but as the candle wasn’t completed, it ended up rallying a bit by the end of the day. It still looks a bit like a upside-down hammer, but with a bit of a wick at the bottom. Today price has pushed back up to the 20MA, and down below yesterday’s lows, but is sitting at the open. Part of me wants to look to short this, but another part of me is saying it’s too far off of the lows right now. I think I’m going to hold off but keep my eye out for a push down
AUD – L – This broke out of it’s range yesterday, but pulled back and closed near it’s open (near the top of the prior range). Today’s candle is sitting at the top of the range and up a bit, but still within yesterday’s candle. I’ll see if there’s any opportunity to play a breakout above yesterday’s high
NZD – N – This is up strong today, and is coming back up to the resistance level that was support back when it based in June. I’m not ready to put a “long” rating on this yet, and since it’s up so much I’m definitely not going to take it short today, so I’ll hold off
CHF – N – After looking like it might have some potential to breakout, this dropped pretty drastically today. It’s now sitting on support that was the support for the range it was in before it broke out last week, support that held up back in the middle of April, and at a resistance level from the second-most-recent range-bound activity. I’ll hold off for now and see how this behaves throughout the day/tomorrow