Equities gapped up a bit this morning, but so far, looks like they’re pushing down. That said, they’re still sitting a good amount above any major support, still, so I’m not sure how much further down they’ll push. I think I’m just going to take the baskets at face value this morning.
USD – N – This still looks like it’s got some strength behind it, but not today — it’s been pushing down all morning. That said, for the last hour, it’s been on a bit of a rally, so if it gets back up to those highs, it could make for a good long. I’ll set an alert, but I don’t see trading this right now
CAD – N – This is pushing down this morning, but A) is already off of the day’s lows, which weren’t as low as the prior day’s lows and B) has a large upper and lower shadow as do the last 2 days. I don’t love the choppiness that’s going on here, so I’ll leave this alone for today
EUR – N – After being quite weak since the beginning of the year, this had a nice up-move this morning. Right now, though, it’s stalling out at some prior support that is now resistance. I’ll need another/more meaningful up-move before I look to actually take this long, so I’ll hold off here
GBP – N – This is up a good amount this morning, but it’s not nearly enough to reach the resistance area. Also, the last 4 trading days have small bodies and huge wicks (some of which, today’s candle has failed to push above), so I don’t really trust this here. I’ll hold off for today
JPY – N – This is on a pullback after a bull move over the last 2 trading days, but the pullback is quite deep. It’s stalling at the support level that was resistance to the base it was in a couple of weeks ago, though, so this might either push back down to the lows of that base, or rally after the pullback. I’m going to leave this alone, but I’ll set an alert in the instance of a rally
Today’s Pairs
AUD/NZD – Long
This is pushing up right now, but looking at the hourly chart, it might be stalling a bit. If this bases here for a few hours, I’ll look to get in
NZD/CHF – Short
This is pushing down, but is about 5 pips above the next support level, which is itself only about 5 pips above the one thereafter. It looks weak, but I don’t see enough upside here right now. I’ll keep my eye on it throughout the day to see if anything changes
AUD – L/N – This is up a bit today, but it’s within a longer-term range. That said, it’s coming off of the bottom of the range and on the 4h chart is basing somewhere in the middle of the range, so if it breaks that base, it could push to the top. I’m not sure if the R:R is there, but I’d be comfortable taking a look at this to the long side on individual charts
NZD – S/N – This is pushing down this morning, but is sitting just above some support, which means I’m not sure how much further this can fall. That said, it’s completing a nice bear rally on the 4h chart, so there might be something there. I don’t see any other shorts that I love today, so I’ll see what the AUD/NZD divergence looks like on an individual chart
CHF – L/N – This is up a decent amount this morning, but is stalling at some resistance. Looking at the 4h chart, it doesn’t look too extended, and there’s a nice bull-pullback that’s completing on the hourly chart, so I’ll take a look at this to the upside this morning