Equities are pushing up across the board, though not a ton. That said, the DOW and VT both broke out of the bases they were in for the last day-and-a-half (roughly). Glancing at the baskets as well, it looks like a risk-on day.
USD – N – This is pushing down again today, but looking at the 4h chart it’s stalled at some support. It’s actually a little above the actual support level a bit, plus this has looked strong over the last couple of months, so I’ll hold off here
CAD – S/N – This is down quite a bit today, and looking at the 4h chart, it just broke some support and is on a bit of a rally. Also, looking at the daily chart, it’s not the prettiest, but I can see a head and shoulders pattern that appears to be completing, so I’ll look at this to the short side
Today’s Pairs
AUD/CAD – Long
NZD/CAD – Long
EUR – N – This was extended a couple of days ago, and while it broke out of the base it formed after, it only did so for a couple of hours and has already pulled back to within that base. It doesn’t look like it has much directionality, so I’ll hold off
GBP – N – After being extremely weak for 3 days in a row, this has mostly been ranging for the last 4. Looking at the daily chart, I can already make the argument for a bear rally, but at the lows, there’s a pretty strong resistance area. Looking down at the 4h, there’s some resistance that price is stalled at, but the next level might be — actually, never mind, this hasn’t made a move that would suggest a reversal to the downside, so even if it is a little more weak today, I don’t want to take a short position in this right now
JPY – N – This is down a bit today, but over the last 4 days, it’s largely been basing. Looking at the 4h chart, though, and I could see a case for a double-top made, but it’s still above the actual resistance area that makes the base of the pattern. I don’t love this to either direction today, so I’ll hold off
AUD – L/N – This rocketed this morning from the bottom of the range it’s been in for the last couple of weeks to the top. Unfortunately it already looks extended on both the 4h and 1h charts. I’ll check individual charts just in case, but I’m sure I missed the boat on this one
NZD – L/N – Similar to the above, this shot up this morning (late last night) but already looks extended. I’ll take a glance, but I’m sure I missed this too
CHF – N – After appearing to have a good amount of strength over the last 6 trading days, this is pushing down this morning. It’s already down quite a bit and looks extended (and is stalling at some resistance that was prior support) so I’ll just hold off here