Equities are pushing up this morning, but that’s coming off of mostly weakness last week. Today, while it’s up, it’s currently stalled at some resistance. Price could push through this level, but it looks kind of extended on the hourly chart. I’ll take the baskets at face value this morning — honestly with maybe a risk-off lean.
USD – L/N – This pushed up a good amount this morning, but didn’t quite break Friday’s highs and then pulled back. On the 4h chart, though, this looks like a tradable pullback, so I’ll see what it looks like on individual charts
CAD – L/N – This is spiking for the 4th day in a row, and looking at the hourly chart, it doesn’t look extended. There’s actually a bit of a base forming on the hourly chart, so I’ll see what that looks like on individual charts
EUR – N – This is down on the day, but it’s sitting just above a pretty major support level. It stalled at that level once already this morning and rallied a bit off of it, and there’s not much room below that level anyway, so I’ll hold off here
GBP – N – This is up on the day, but looking at the daily chart, this is just ranging now. It had been strong for the majority of February, but since the end of Feb, it’s been in that range. I’m not seeing a clear direction here, so I’ll hold off
JPY – N – This is down this morning, but it’s stalled at some support from the end of February. Looking at the hourly chart, it didn’t quite make it to the bottom of the support area before it rallied a little, couple that with the fact that I’m leaning risk-off, and I don’t want to short this. I’ll hold off until it looks like it has more conviction behind it
AUD – N – This has been overall weak over the last couple of weeks, and while it’s up a bit today, it doesn’t look like it has much strength behind it. This has pushed both up and down on the day and is still sitting within yesterday’s range — and it looks more like a rally off of support before pushing down. I’ll hold off here for this morning and maybe look to short if it gets back to the lows of that support area
Today’s Pairs
USD/CHF – Long
Almost looks extended on the daily chart, but is basing on the hourly. It may have just broken out of that base so hopefully I haven’t missed anything. I’ll run the numbers here
CAD/CHF – Long
Similar to the above, but the base/tradable pattern on the hourly chart isn’t as clear. I’ll run the numbers here if I don’t like the above
NZD/CHF – Long
The double-bottom isn’t as pronounced here on the CHF chart, and while price is right up against some resistance, it’s a very strong resistance level and it isn’t forming (at this time) a pattern that I’d be comfortable trading in to. I’ll maybe keep an eye on this, but it’s not doing anything I want it to right now
NZD – L/N – This is down a bit on the day, but it’s been down a lot further and is actually in the midst of a rally. Looking at the hourly chart, I see a pretty clear double-bottom and price is sitting at the resistance area. I’m leaning risk off this morning, so I don’t want to look at this long, but this chart is suggesting that I should. I think I’ll take a look at individual charts (this to the long side (also, only if I can find something to short against these)) but I won’t chase
CHF – S/N – This is pushing down this morning, and I can see some definite weakness. It also took out some support and is above another level of support. It looks like there’s not a lot of activity in CHF, but at the same time, it looks like the weakest currency to me, so I’ll take a look at this to the short side. If nothing else, I needed something to look at in the opposite direction of the longs that I have