Equities appear to be pushing down this morning. That said, they were down more earlier and appear to be on a bit of a rally. Looking at the hourly chart, this broke a low of a small range and is now re-testing those lows. On the daily chart, this move isn’t large anyway, so I’ll take the baskets largely at face value with a slight risk-on tilt.
USD – L/N – This is up a decent amount today, it broke some resistance this morning and is now basing. If this pushes up again out of it’s base, it has a bit of room to move before the next resistance level that might offer some pips
CAD – N – This started to push up this morning but failed to push meaningfully through some resistance, and then it had a huge drop, but didn’t really take out the support level it dropped to. There doesn’t seem to be much directionality here, so I’ll hold off for right now
Today’s Pairs
NZD/USD – Short
GBP/NZD – Long
EUR – N – This has largely been ranging this month and today looks no different. It’s pushing down this morning, but that’s coming off of the highs of the range and has stalled at the lows. I don’t love how this has been moving, and I don’t love the distance between the day’s lows and the next support level, so I’ll hold off here
GBP – L/N – This pushed up a bit more this morning, but ultimately has been basing all day. It’s a pretty strong base, too, so if it can push up through the highs, this could be a great long play. I’ll take a look at this this morning
JPY – N – On one hand, this has pushed up a good amount this morning and is now stalling at a fairly strong resistance level. On the other hand, this hasn’t been as correlated with the S&P as I was taught it should be over the last few months. On the daily chart, this is one up-candle, so that’s not convincing enough to suggest at reversal to me, so I’ll hold off here
AUD – N – This is just ranging now. It’s tried to push up and down, but has quickly recovered back to the range. I’m going to leave this alone for today
NZD – S/N – This had a pretty big down-move a couple of hours ago, which took out a pretty strong support level. It now appears to be basing, which might be the stall I need to get into a trade here. I’ll take a look at this to the down side for sure this morning
CHF – N – This is down a good amount today after a large bear rally. It’s currently sitting on top of some support that was resistance back in the earlier part of the month. It looks like, to me, that this doesn’t have much more downside potential — even if it pushes through this level, I’m not sure how much further it’ll fall. I’ll hold off here for now, and maybe revisit later