Equities closed on a fairly sizable drop yesterday, and this morning they’ve gapped up, but so far look to be pushing down. The gap-up high is at a fairly strong resistance level (that’s held as support in the past as well). I could really see this going both ways, so I’m going to take the baskets at face value this morning.
USD – S/N – This is up a bit today, but looking at the 4h chart, it looks like a small rally in a down-move. There’s a nice head-and-shoulders that has formed, and while price has broken the “neck” it wicked down and rallied from there. If price can push back down to/through the day’s lows, I like this to the short side
CAD – N – After it’s 4-5 day tear to the upside, price dropped yesterday (right when I decided “ok, I’ll take a shot” of course). Since yesterday afternoon, it hit some support and has been basing right at that level. Really, with this base, it could go in either direction, so I’ll try to keep my eye on it to see if it’s potentially breaking in one direction or the other. In the meantime, though, I’ll hold off
EUR – N – This has been quite weak for the last couple of weeks. Yesterday, price pushed down and stalled at some support from the end of February. Since then, it’s mostly been basing around that area. I don’t see much opportunity here right now, it still looks pretty choppy and is a bit above the support level, so I’ll hold off
GBP – N – This is tough — on one hand it looks like it could have a little strength behind it, but on the other hand (especially looking down at an hourly chart) this is just ranging/whipsawing. It’s currently in the middle of that range, too, so I think I’ll just hold off here. This hasn’t done anything to suggest a reversal, so since I don’t see a long play, I’ll pass
JPY – N – This is down again today, but has failed to even reach the lows of yesterday. It looks weak, but slow-moving, so I think I’ll hold off
Today’s Pairs
AUD/USD – Long
This broke out of resistance and has pulled back (similar to it’s basket), but looks like a better breakout. Actually, on the 15 min. chart, it looks like too deep of a pullback. I guess all I can do here is run some numbers and hope
NZD/USD – Long
This broke out of resistance and has pulled back (similar to it’s basket), but looks like a better breakout. Actually, on the 15 min. chart, it looks like too deep of a pullback. I guess all I can do here is run some numbers and hope
AUD/CHF – Long
NZD/CHF – Long
AUD – L/N – This appears to be trying to push out of the base it’s formed over the last few days — looking at the 4h chart, price pushed above that resistance level, but has since pulled back. If that was a meaningful breakout, it should push back up and this could be a good long play. I’ll take a look at individual charts to see what they look like
NZD – L/N – This looks similar to AUD, and while this is up near the highs of the range, too, it’s not quite at the breakout point. That said, it might look better on individual charts, so since it is close to that area I’ll take a look, but I won’t chase
CHF – S/N – After having a nice bounce yesterday, price has been pushing down this morning. It’s currently stalled at a support level that was resistance before the breakout yesterday. This definitely looks like it has more weakness behind it than strength, and I don’t think the little bounce yesterday was enough to suggest a reversal, so I’ll take a look at this on individual charts