Equities were down yesterday, up the previous day, and now are sitting at their open (though they gapped up, so it looks like a gain). Largely, to me, this looks like it’s basing without much conviction in either direction, so I’ll take the baskets at face value completely today.
USD – L/N – This was strong yesterday, but looked extended. This morning, though, it’s up again, but now appears to be basing over the last 8 or so hours. It took out some resistance areas and now looks like it could be building steam, so I’ll take a look at this to the long side
CAD – L/N – This has continued to push up through today and has now taken out the resistance are that made up the top of the base it’d been in for the previous few days. It doesn’t quite look extended, and there’s even maybe a bit of a pullback/base forming on the hourly chart, so I’ll look at this to the long side
EUR – S/N – This is a bit of a tough one. Earlier this week, this pushed up and broke some resistance but since then has stalled — basing between the resistance level it broke (as it’s support) and a previous support level (as it’s resistance). Looking at the hourly chart, though, I see what appears to be a double-top and price just bear-rallied after touching the support level of the pattern. I’ll look at this short, but I’ll try not to get in unless it breaks that support level
GBP – N – This is down a little on the day, but it’s within a longer-term range, and looking at the hourly chart, there’s a lot of choppiness here. I don’t love this right now, so I’ll hold off
JPY – S/N – After a very strong day yesterday, this is pulling back today. Looking at the 4h chart, it looks like this has made a reversal move, but it hasn’t really retested any major support to really trust that move. It is pulling back today, but it’s not very far — really it just looks like it did before the big spike yesterday which is slow moving without much conviction in either direction. I think I’ll hold off here, maybe look at it short since I think it has more re-testing to do
AUD – N – On one hand, I want to look at this long because it’s bouncing off of the bottom of the range it’s been in all month, and it looks like it could have more upside. On the other hand, this has been pushing up for the last several hours and knowing AUD, that’s not sustainable — it’s also coming up on some resistance from the middle of that range that it could definitely stall at. I may revisit this if I see nothing else long that I like (on individual charts) but AUD makes me nervous so I’ll leave it alone
Today’s Pairs
EUR/USD – Short
Basing beautifully near some major support
USD/JPY – Long
NZD/USD – Short
This looks like NZDs basket — it’s not the prettiest base, and it’s around levels from 4 months ago, so picking a target will be hard, but it definitely looks like it’s heading down, it’s just a matter of how far and if it’s worth it
EUR/CAD – Short
This is down and sitting right near a support level, but not really showing a tradable pattern. Also, the next level where it may stall isn’t that far away, so I’ll monitor for something to develop, but I’ll leave alone for now
CAD/JPY – Long
This is up a bit today, and again, stalled at some resistance, but I’m not seeing a pattern I trade right now. We’ll see what develops throughout the day, but I’ll hold off for now
NZD/CAD – Short
NZD – S/N – This is another tough one. It had a huge drop yesterday taking out a major support level/base it’s been in for quite some time. Today, it’s pushed a bit lower, but has rallied some and for the last 12ish hours has mostly been basing. It’s also currently stalled at a level that was support in December and resistance in November…. I guess this does look incredibly weak and if it were to push down and I didn’t even look I’d be upset, so I’ll take a look at this to the downside today
CHF – N – This is still largely in a low base, though it also looks like it may have made a reversal move on the hourly chart — it broke out of the resistance area, pulled back some, and now that resistance area has become support. As of right now, though, I don’t love it in either direction, so I’ll hold off