Equities are pushing up this morning — they’ve broken the resistance area they stalled at yesterday and are now pushing up near all-time highs. There’s a resistance area there, too, so it may stall out here. Also, USD is up a good amount today, which doesn’t speak well at least for the correlation. I think I’m just going to take the baskets at face value this morning.
USD – L/N – This is pushing up again this morning after pulling back for a few days. It’s pushing up near the highs of the previous spike, but it’s still sitting just below that level. I think I’m comfortable looking at this long this morning on a breakout of this resistance are
CAD- N – This is basing right now, and on the daily chart yesterday’s candle has, and today’s is shaping up to have a small body and large wicks. I don’t see much conviction in either direction here, so I’ll hold off
EUR – S/N – This broke a pretty strong support level this morning and stalled at some minor support from mid July. It’s rallying now, so that might be the move needed to make this tradable. I’ll take a look at this on individual charts and see if I can get in on a retest, maybe
GBP – N – After looking like it was starting to roll over to the downside yesterday, this spiked this morning — a TON. It failed at the highs before price started to roll over, but looks like it’s basing here. This spike was too large, too fast and too drastic. It had to have come from some news event, and it’s almost something I want to look to short. I’m going to leave this alone for now, but I might set an alert to let me know if I should look to short this later today
JPY – N – This is still basing on the daily chart, and the day’s lows pushed through some support, but didn’t get as low as the low of the range and has since rallied. There still appears to be a lot of indecision here, so I’ll hold off
AUD – S/N – This is a tough one. Over the last few days, it appears to be rolling over to the downside, and looking at the 4h chart, that’s the case with some rallies in the midst of the rollover. Today, this had one of those rallies, but as of right now, is pushing back down. It’s sitting on a decent support area on the 4h chart, so, yeah, I think I’ll look at this to the downside this morning
NZD – N – This has been strong since the middle of January and made a new high since last March yesterday. That said, this morning it dropped a good amount and is now sitting on some support. I don’t want to counter-trend trade this, and the drop doesn’t look like a trend-changing drop, so I’ll hold off here for today
Today’s Pairs
EUR/USD – Short
This is definitely pushing down, but I’m not getting a great pattern read. I see a decent bear rally on the 15 min. chart, so that might have to be the move. I’ll run the numbers first, obviously, but we’ll see if anything looks better before I do
AUD/USD – Short
This is certainly pushing down, too, and is basing on the 15 min. chart. I’m a bit hesitant to trade the 15 min. chart, but if the numbers are there, my rules say to pull the trigger. I like the pattern and I like the direction, so we’ll see what logic says and I’ll just do it
USD/CHF – Long
This could be an upside-down EUR/USD (and it essentially is). Again, it looks good, but I’ll run the numbers.
I’m going to run the numbers on all of them, and look for R:R’s closer to 2 than 1.5. Also, I’ll make this decision based on the R:Rs offered, but I might compare the shorts against each other and see which one makes the most sense and stick with that one. We’ll see
CHF – S/N – This has pushed down for the 6th day in a row, and made a new low since last June this morning. It’s rallied from that low, looking at the 4h chart, but again, that could be just the rally that gets me into the trade. I’ll take a look at this to the short side