Equities are down right now for the third day in a row, and actually they gapped down and continued to be weak. They also look like they’ve taken out a support level, though they’ve come up to another one at the day’s lows. Overall, this looks weak, so I’ll lean risk-off, but I’ll largely take the baskets at face value.
USD – L – This is up a bit on the day, but it took out yesterday’s highs and is now stalled at a resistance level from late November of last year. It still looks overall strong, if slow, but I have an order out to take this long already, and I’m still comfortable with that
CAD – N – After being quite strong yesterday, and taking out a couple of resistance levels, this looks like it’s failing to hold on to that strength today and has pulled back. That said, it’s currently stalled at the resistance area that was initially created on the huge spike this had a couple of weeks ago, so it might just be a pullback. I won’t do anything with this right now but I’ll set an alert to let me know if it pushes back up
EUR – N – This is down a little on the day, but it’s ranging (on the 4h chart) and there’s a lot of choppiness. I don’t see much potential in either direction today, so I’ll hold off
GBP – N – This is up quite a bit this morning, but looking at the daily chart, it’s all well within a longer-term range. Dropping down to an hourly it is more in the middle of the range and is now up against some resistance so this could push higher, but it already looks extended. I don’t want to chase here, so I’ll hold off
JPY – L/N – After a couple of quite strong days in a row, this is down a bit today. It took out yesterday’s lows, but not by much. Looking at a 4h chart, this looks like it’s just in a bit of a pullback, maybe a bull flag even. I could see more strength here, and with equities being down 3/4% this should push higher. I’ll take a look to the long side, but I won’t chase
AUD – N – This is up a little bit on the day, but looking at the 4h chart, it’s mostly just basing. It’s near the lows of a longer-term range, too, but it’s still far enough above that it gives me pause. I don’t see much movement here in either direction, so I’ll hold off. Already, too, at a glance it looks like a similar story might be present for NZD, so I might have to look at the JPY chart to find a short for today
NZD – S/N – This is still low basing after a strong push down, and is sitting right at a support level from a couple months ago. All signs are pointing to this dropping, but it’s a matter of when (and really if, this is trading after all). I’m not necessarily going to look at this vs anything new, but I still have my order out there from yesterday and I’m comfortable with that
CHF – N – This is down a bit today, but it’s in a mini base on the 4 hour chart (over the last almost 2 days) and that’s within a larger base on the daily chart (17 days). There doesn’t appear to be much conviction in either direction here, so I’ll hold off