Equities closed down almost 1% on Friday, after a gap-down it couldn’t recover from. On the daily chart, I’m seeing a bit of a base right now. Futures on the other hand, are up a bit. Overall, it looks like equities are basing right now. I’ll take the baskets at face value this morning and revisit a little while after markets open.
USD – S – This is sitting on the same level of support it paused at at the end of last week. If equities are going to continue to base, this probably will too. That said, if they spike on the day, this could push down to that next support level.. I think I’ll hold off for now, but keep an eye on it
CAD – N – This appears to be basing and the 50MA is almost completely horizontal. Also, the last 3 candles have large wicks on either side, but relatively small bodies. I don’t love how this looks right now, so I’ll hold off
Today’s Pairs
EUR/NZD – Long
GBP/NZD – Long
EUR – L/N – This had a nice spike already today, but is sitting up against a pretty strong resistance level. There’s a decent amount of room above this, though if it can push through. I’m not super excited about this, and I don’t think it’s going to blow off the top, but there might be some opportunity there, so I’ll take a look
GBP – L/N – This has been basing for the last 5 trading days, and while price is still within that range, it’s sitting near the top and pushing up. If it can break this resistance level, I like this to the upside
JPY – S – Same as USD
AUD – S – This looks like the inverse of USD and JPY still, but today rather than sitting near resistance, price is sitting near it’s open. IMO that’s signs of this wanting to continue to push down. I’ll keep an eye on this, too, but I don’t think I’m ready to pull the trigger here right now
NZD – S/N – This spiked up at some point this morning, but has since pulled back and is now sitting at the bottom of the day’s range. It’s on top of support, but with that amount of selling pressure, this could push down further. I’ll look at individual charts to see if there’s opportunity
CHF – N – This is fully basing and both MA’s are moving sideways. I’ll hold off