Equities actually closed lower yesterday, and today they’re pushing down again. Once again, they’re stalled at some support that was prior resistance, so I’m not sure how much further they’ll drop. I’ll take the baskets largely at face value, with a slight risk-off lean.
USD – N – This is up a good amount today, but it’s still within the range it’s been in for the last few days and hasn’t quite gotten to the top of that range. It doesn’t look quite ready to break out (and equities aren’t weak enough for me to think that this will explode to the upside) so I’ll hold off for now
CAD – L/N – Looking at the daily chart, this is down a little on the day, but had pushed up and made a new high earlier this morning. Looking down at the 4h, and it looks like it’s still within that base. Since this did push up enough to make a new high, I want to take a look at it long, but I won’t chase
EUR – N – Over the previous couple of days, this pushed down, took out some support and looked weak. Today, though, price has spiked and is back to the resistance are that was support before it pushed down. This looks like it could be a re-test, but it’s rallied further than I’d like to see on a retest play. That said, it might look a little different on individual charts. It’s up a lot, so I’ll hold off here, but I’ll set an alert or something to try to start paying attention to this if it reverses back to the downside
Today’s Pairs
AUD/CAD – Short
Almost completing a bear rally. Let’s see if I can catch it
GBP/AUD – Long
GBP – L/N – This has continued to rally through today and price is now within the range it was in before it dropped yesterday morning. On the daily chart, price only wicked below the 20 MA and is now back above it, but it doesn’t look like it has a ton more upside potential. That said it did stall at some resistance and pull back off of that. I don’t love this right now, but I’ll take a look at it to the long side in case it looks better on individual charts
JPY – N – On the daily chart this is still just in a mini base without much conviction in either direction, so I’ll hold off here for today. That said, looking at the 4h chart and this may have made a bit of a reversal move (which would make sense with USD being up and equities being down — if that’s the direction we’re actually headed) wherein price spiked yesterday, made a new swing high, and when they pulled back they stalled at the support area that was resistance before the spike. I’m not doing anything with this today, but the outlook might be changing overall
AUD – S/N – After this had it’s large drop at the end of February, it tried to rally, but only got back about half of what it lost at the most. Since then, it’s ranged between the lows of when it dropped an the highs of the rally. As of today, price has been down for 4 days in a row, and price closed below the 20 on the daily chart. Looking at the 4h chart, this is sitting at a level that’s been both support and resistance, and there could be a good amount of room for this to go if it does break to the downside. Equities are sitting on some support, too, so maybe they’ll help push each other down. I’ll take a look at this to the downside this morning
NZD – N – This is down a good amount, too, and looks similar to AUD, but unlike AUD this isn’t that close to the support level/breakout area. This seems to be moving very slowly, so I’ll hold off for today
CHF – N – This is still in the long-term range it’s been in since early this month and doesn’t look like it has much conviction in either direction. I’ll leave this alone for now