Equities gapped down a good amount this morning, and since then there seems to be a lot of indecision. On the low end, price stalled at some support from a prior all-time high and on the top end, stalled at some resistance from yesterday/Tuesday. Futures are down, too, so maybe there’s underlying weakness. I’ll keep that in the back of my mind, but I’ll mostly take the baskets at face value.
USD – N – This dropped strong yesterday afternoon, taking out the support from the base that it had been in for the prior 3 or 4 days. Since then, though, price has been rallying ,and is back within that range. To me, it looks extended to the upside and it’s too strong right now to think about shorting it, so I’ll hold off
CAD – N – This is still basing. Thought it might breakout yesterday, but it didn’t. I’ll leave this alone for now, maybe revisit if I can see that it’s pushing up again
EUR – N – This had a bit of a rally yesterday, but has been pushing down for most of today so far. As of right now, though, price is looking like it wants to push up a bit, and I see a bit of a double-bottom forming on the 4h chart. It’s not enough to make me look at this long, but I think it’s enough for me to not look at it short, so I’ll hold off for now
Today’s Pairs
GBP/CHF – Long
AUD/CHF – Long
GBP – L – This is pushing up some today, and it actually broke a resistance level earlier this morning. Since then, though, it’s pulled back and is sitting near a prior resistance level. This may be trying to push up again, and while I don’t love it in the basket, I might like it on an individual chart, so I’ll take a look
JPY – N – While this is up a good amount right now, it actually made a break to a new low earlier this morning. It’s rallied up to a pretty strong resistance area, and with equities looking weak this could be strong. That said, it’s been getting beat down over the past several months, and this isn’t actually making a reversal move here, so I’ll hold off
AUD – L – This spiked yesterday on some pretty positive news, and took out the resistance level of the range it’s been in this whole month. Since then, it’s pulled back, but it stalled at that support (prior resistance) area and appears to be pushing up. This might be a great re-test pattern, so I’ll take a look at this to the upside today
NZD – N – This is down a good amount today, but unfortunately I don’t think it’s in a great position to be shorted. It almost looks extended on the 4h chart, going directly from resistance to some support, where it’s stalled now. I don’t love this, so I’ll hold off
CHF – S – This is still in a base on the daily chart, though it’s sitting at the bottom of that base. On the 4h chart, it’s touched and bounced off of that support level 3 times, and is sitting at that level today. It’s not quite at the lows, either. This is the only thing that looks “shortable” today, though, so I’ll take a look for now, but I won’t chase and I’ll try to keep my eye out for other short opportunities