There was a fairly sizable drop in equities this morning, but as of right now, price looks like it’s on a bit of a rally. Maybe it’s a bear rally, maybe it’s returning to the upside. I’ll take the baskets at face value this morning and try not to worry about the correlation too much.
USD – N – After being down for the last few days, this looks like it’s just basing today. It’s had some moves up and down, which actually give me more pause since there seems to be a lot of indecision. I think I’ll hold off here for this morning
CAD – N – This is pushing up a good amount this morning, and has broken a fairly strong level of resistance, but it’s coming up to another pretty strong level, and this spike was pretty big, so I’m not sure how long it can sustain. I think I’ll wait here as well and see how it’s sitting later today
EUR – L/N – This is tough this morning. It’s been pushing down since the end of December, looked like it was reversing by the end of January, but then pushed down again. Today, it looks like it’s making another reversal sort of move, and looking at the 4h charts, there’s a decent double-bottom that has already been broken and there’s a bit of a bull pullback on the hourly chart. I guess the main thing giving me pause is the fact that it’s been beaten down so much on the daily chart. I’ll take a look at this to the upside on individual charts, but I’ll try not to chase
Today’s Pairs
EUR/JPY – Long
GBP/JPY – Long
EUR/NZD – Long
GBP/NZD – Long
GBP – L/N – This is up a good amount on the day, and has already taken out some resistance levels. It’s somewhat pulling back right now, but overall still looks strong. Looking at the daily chart, there is a high from September that price failed to break above today, so I’ll look for that on individual charts, but hopefully It’ll be inconsequential
JPY – S/N – This has been pushing down for nearly a year now, really, and each time it’s looked like it could/should reverse, it hasn’t. Today, price is down a bit today and looks like maybe it’s in a bit of a base on the daily chart, but looking down at the hourly chart this is sitting on some support after a rally. This looks like it could push at least to the bottom of the range, so I’ll take a look at it to the short side. I’m not sure if that’s far enough for a good R:R, but I’ll look to see
AUD – N – This is down a bit on the day, but since the beginning of the month, this has been rallying. It looks like it still has strength behind it — looking at the 4h and hourly charts, this appears to be basing, but it’s pretty far off of the highs, so nothing I want to take long today. I’ll hold of for now and revisit later tonight/tomorrow
NZD – S/N – It makes me a bit nervous to look at NZD short and have a long outlook in AUD, but that’s where we are — play the charts in front of you, right?. This has been mostly strong for the last few months, but looks like it just double-topped, and is now sitting at the support level of the top. On the hourly chart, this has already broken that level after basing around for a bit, and has rallied back up to those lows. I’ll take a look at this to the short side and hopefully not chase
CHF – N – This is on a nice spike over the last couple of days, but it almost looks extended, and it’s definitely stalled at some resistance that was support at the beginning of the month. Maybe it’s just because I don’t want too many pairs to look at this morning, or maybe this is really where I think this will stall for the rest of the day, maybe longer, but either way, I’m not going to look at this in either direction this morning