Equities are pushing up this morning, but seem to be stalling at a fairly minor resistance area. Looking down at the 4h/1h charts, it looks like this has a bit more upside potential, but not a ton. I’ll lean slightly risk-on but I’m mostly going to take the baskets at face value.
USD – N – This is down a good amount on the day — almost as much as it was up yesterday — but it’s currently stalling at some support that was prior resistance. I could see this being a nice long play in the next couple of days if price returns to the upside, but for now, I’m just going to leave this alone. I could look at this short if it were to break this support level, which would make sense in a risk-on environment, but it just doesn’t look like that’s the play. I’ll (try to) keep my eye on this
CAD – N – After being on a tear for the last 4 days in a row, this is down a decent amount on the day. It’s not something I’m comfortable shorting at this point, though, so I’ll wait until this either convinces me it’s heading back to the downside or it makes a push back up
EUR – N – This had a bit of a rally this morning, but is currently sitting closer to the lows than the highs. Looking at lower time frames, this looks to be overall pushing down, but is close enough to and far enough away from support that it doesn’t look like it’s offering a great trading opportunity. I’ll hold off here for now
GBP – L/N – This looks like it’s trying to push up this morning, though it’s still a decent amount below the highs from the end of February. It took out a bit of resistance, though, so I’ll take a look at this to the upside. It might look better on individual charts
JPY – S/N – This pushed down this morning barely broke yesterday’s lows, and rallied. Looking at the hourly chart, it looks like it could very well just be a rally before a return to the downside, so I’ll take a look at individual charts
Today’s Pairs
GBP/JPY – Long
Solid base on the 4h chart, looks like it’s breaking to the upside. It’s a large risk amount (pips) so let’s just hope the reward is there
AUD/JPY – Long
This looks similar to AUDs basket, except it’s farther off of the highs of the range than price was in the basket. That said, I see a decent pullback forming, so maybe I’ll run the numbers (on the breakout of the range) just in case
AUD – L/N – This is up a decent amount this morning, after coming close to the 50 MA (below) over the last 3 days. It never crossed, though, and price might be returning to the upside. Looking at the hourly chart, there’s a nice, clean base sitting right near a pretty strong resistance level, so that looks like a good sign of strength. I’ll take a look at individual charts to see what they look like
NZD – N – This is up a bit on the day, but it’s been up more and down some and is sitting near it’s open. Looking down at the hourly chart, it looks like it’s in a longer-term range, though I could see a case for a bull pullback. Unfortunately, though, the pullback is pretty deep, and doesn’t look like a great trading opportunity. I’ll set an alert to let me know if it pushes back up to the session highs, but otherwise, I’ll hold off
CHF – N – This has gotten beaten down all month so far, and while it’s making a nice push to the upside this morning, it’s not enough to suggest a reversal to me, so I’m going to hold off here until it either returns to the downside, or makes a more defined reversal (to the upside) move