Equities are down slightly this morning, but they already appear to be stalling at a support area. Looking at the 4h chart, it looks like this is basing right now, and it’s just below all-time highs. I think there’s strength in equities overall, but that may not be the case today. I’ll take the baskets at face value, with a slight risk-on lean.
USD – N – This is up a bit today, but looks like it’s failing at a resistance level that it pushed through last week as this dropped. I thought this was reversing to the upside (and that equities were heading toward a correction) but that doesn’t seem to be the case anymore. I’ll hold off here for now until I see what equities end up actually doing after this base
CAD – N – After Friday’s huge spike, this initially looked like it wanted to make another push higher, but hasn’t been able to. It did push up, but quickly pulled back and is now sitting near it’s open. Looking at the 4h chart and it’s mostly basing right now — I wouldn’t call this a bull pullback — so I’ll hold off here
EUR – N – This is still just ranging. It did push through some support and broke the lows of the range this morning, but it’s quickly rallied and is right back in the middle of that range. There appears to be a lot of indecision here, so I’ll hold off
GBP – N – This almost looks like it’s rolling over to the downside, but it hasn’t quite done anything to confirm that, so I’m not ready to short it. That said, looking at the 4h chart, this is down on the day, but within a mini range that it’s been in for the last 24 trading hours. I don’t see much conviction in either direction — and like I said, I’m not ready to short this here — so I’ll hold off for today
JPY – N – This pushed down starting yesterday evening, breaking Friday’s lows, but has since been on a rally and looks to be stalling at Friday’s lows. Overall, this definitely looks weak, but it doesn’t look like it has much momentum today. I think I’m going to hold off here, too, but I might take a look at this to the downside and maybe put out an order on a push down later today/overnight
AUD – S/N – Price has been staying within a fairly large range since the beginning of the month. At the beginning of last week, price rallied to the highs of that range, but at the end of the week, started to push down again and is now sitting in the middle of the range right on a support level. Looking at the hourly chart, there’s a bit of a bear rally that’s formed, so maybe there’s potential to short this to the bottom of the range. I’ll take a look at individual charts, but I won’t chase here, I’m just curious
NZD – N – Overall, this has shown more underlying weakness than AUD — it’s rallies failed to reach the prior highs like AUD’s rallies did — but overall it’s still technically in an uptrend. When markets opened yesterday evening, this tried to spike, but has been weak since this morning. I could see this being a bull pullback, but it failed at resistance on the push up, too. Also, with equities being more weak today, I don’t want to take this long. I don’t see much opportunity here at all, so I’ll hold off
CHF – N – This looks like it’s trying to push up this morning, but it’s already failing at some resistance. Looking at the daily chart, I’m just seeing a base, too, with not much conviction in either direction. Overall this is down, so I’ll look to short it when/if it looks like it’s going to break the lows of the base it’s been in for the last 5 or 6 trading days