Equities have appeared to return bullish so far in October, but had a bit of a down move at the end of last week — on the daily chart, there’s definitely a lower high and a lower low. Today, futures are up a bit, but not very convincingly. I don’t know. I’m going to take the baskets at face value.
USD – N – This is down a good amount on the day, but is sitting right on top of some support. I’m not convinced that the strength in equities is going to be enough to push this down much further, so I’ll hold off
CAD – N – I haven’t liked CAD much lately, but I’ll say that right now at least it’s in a pretty clean/clear base. It’s down on the day, though, and it’s in a high-base. I’ll hold off for today, but maybe look to take this long when it pushes back up to the top of this range and through
EUR – N – This is up a lot today and looks a bit extended. It’s also up against a pretty strong resistance level, so I don’t think this has the momentum behind it to push it much further than this. I’ll hold off
GBP – N – This is still ranging, with crazy looking candles. There are some huge ones, some with tiny bodies and huge legs, and a few with roughly equal sized bodies and legs on either side. This appears to have volatility behind it, but it seems like unpredictable volatility. I’ll hold off for now. I guess.
JPY – S/N – This is pushing down, but doesn’t look as extended as USD does. On the hourly chart, there’s a nice little base forming, too, so I’ll see what this is doing on an individual chart or 2
AUD – N – This spiked up at the end of the night last night, but has been down ever since. It looks weak in the short term, but is well within a range it’s been in since the 15th. There’s a good amount of room between current price and the low of the range, but not a tradable amount of room, I don’t think. I think I’ll hold off on trading this for this morning
Today’s Pairs
EUR/JPY – Long
This is up strong on the day, over .5% and is sitting up against a pretty clear resistance area. It looks solid, but the hourly chart looks extended. That said, there’s also a pretty clear base that’s forming on the hourly chart, so if this is pushing up, that’s a tradable pattern. I don’t want to get too excited and just jump in, either, especially as EUR wasn’t a currency I planned on looking at today. I’ll run the numbers and consider taking 1/2 position
NZD/JPY – Long
This is pushing up and in a lot of ways looks like EUR/JPY — but here, it doesn’t look extended, it looks like a steady push higher. There is some pretty strong resistance that was prior support that it’s up against right now, but could have a bit of room to run if it pushes higher. I’ll let this “breathe” for a few minutes and then run the numbers to see how I like it
NZD – L/N – This must have gapped-up because price is only up about .02% from it’s open. It pushed down early this morning a ton, but that was a 1 hour move and since it’s been pushing back up. The hourly chart is showing a decent uptrend, too. That said, it’s also sitting pretty far off of the highs of the day, and those highs were up against a pretty strong resistance area. Maybe if this can push back up to the day’s highs, it could be a decent long opportunity — esp. given what the hourly chart looks like. I’ll take a look, but I won’t chase
CHF – N – This is up a good amount on the day, and is up against the resistance area it stalled at last week that goes back to mid-Sept. and early-Aug. On this hourly chart, this looks quite extended as well, so I’ll leave this alone for now