The S&P gapped up and made new all-time highs this morning, and still looks pretty strong. The DOW made a new high yesterday, but has mostly been basing. I think overall equities look strong, so I’ll maybe keep that in the back of my mind.
USD – S/N – This is pushing down this morning and is stalled at some support that’s been both support and resistance in the past. The next support level is pretty close in the basket, but that may not be the case on individual charts. With equities breaking to all-time highs again, it makes sense to short this. All that said, since the end of Feb. I’ve been more bullish USD and this feels counter-trend. IDFK. I’ll look at it short
CAD – L/N – This is pulling back some this morning after breaking to new recent highs yesterday (and technically some this morning). Looking at the 4h chart, price looks like it’s mostly basing, so if it is in fact strong, this could run if it breaks out of the base. I’ll take a look
EUR – N – My initial thought was that this broke out of a base to the upside and is retesting that base. Looking back, though, this has no signs of reversing to the upside anytime soon, so I’m not going to think about that. It is stalled back at that support/prior resistance area and could push to the lows, but there might be a little underlying strength. I think I’ll just leave this alone for now
Today’s Pairs
USD/CAD – Short
GBP/USD – Long
CAD/CHF – Long
GBP/CHF – Long
GBP – L/N – This pushed up some today and broke out of a range (a decent base on the hourly chart) but has quickly pulled back to within that range. I guess, since it did break the highs, I’ll take a look at this on individual charts..
JPY – N – This tried to rally a bit, but is down again today. Any reversal moves that this may have made last week/early this week seem to be negated. Price is currently stalled at some support that was prior resistance, and the next actual support level is just below that, so I’ll hold off for today
AUD – N – This is still in that long-term range that it’s been in. It pushed down to the lows of the range yesterday (which I thought could happen, but didn’t think it would so I didn’t look, yay me), but has already rallied back up to the support level it broke. It looks extended to the upside this morning so I’ll leave this alone
NZD – N – This bounced off of a lower trend-line a few days ago and has been strong since then. Today, price has been quite strong and is now up against a fairly strong resistance area that could be a great entry point. Unfortunately, though, it already looks extended on both the 4h and hourly charts. I’ll leave this alone for this morning
CHF – S/N – This is down again this morning, but not a ton and it already stalled at and rallied from a support level. Actually, this looks weak and has made a new low, looking at the 4h chart, so I might not be able to find a target, but I want to at least take a look in case this does end up dropping quite a bit