Equities broke out of the mini base they were in for the last couple of weeks, but it didn’t do so meaningfully and is now sitting right near those highs. Overall, things are working up, but doing so very slowly, so I’ll just take the baskets at face value.
USD – L – After pushing down and touching the 50MA (on the daily) this shot up on Friday. Today, it’s pushed up again and took out Friday’s highs, but it’s since pulled back to closer to it’s open. This is a lower high, and it looks like it’s forming a head-and-shoulders a bit, but it’s still early to tell. Looking at the 4h chart, this has been basing since it’s push up on Friday, so I will look at this to the long side this morning to see
CAD – N – Price is hovering right near it’s open today, but for the last 3 days, it’s been pushing up. This is after a couple of strong down-days that I thought I’d short. Price is now sitting near a decent resistance level that was also support in the past, and I don’t see a ton of room above this. I’ll leave this alone for today
EUR – L – This pushed down strong all of last week, but reached the bottom of the range it’s been in for a while and is pushing up a bit today off of that level. I’m curious about playing this long-term range in EUR, so I’ll look at this long today, but very cautiously
GBP – N – After it’s breakout, this pulled back for a few days in a row until it touched the 20 and started pushing up. Today, price is up a bit on the day (has already been up more) and is hovering around the breakout area from a couple weeks ago. I do see more upside potential here, but it’s tough A) maybe not today and B) all of the prior candles at this level have large upper wicks but the bodies sit around where today’s body is.. I think I’ll hold off for now and (hopefully) see how it behaved later today
JPY – N – This was riding it’s 20 MA upward until last Thursday when it pushed through downward. Since then, it’s tried to rally, but price hasn’t been able to break Friday’s high/open. If this is still moving up, it’s doing so slowly, so I’ll leave this alone for today
AUD – S – This has been pushing down for a long time, and in a lot of ways, it’s been riding it’s 20 MA down. At the beginning of last week, this had a bit of a rally, but again failed at the 20 and pushed down on Friday. This morning, it’s pushing down again, and looks like it’s hovering around some support that it created on the small rally last week. If this can break that level, it might make for a good short. I’ll take a look at individual charts
NZD – S – This has been in a fairly tight range for nearly 2 months now, last week it had a couple of huge days to take price to the tops of that range, but since then, it’s been slowly pushing down. If I’m going to test the range of EUR, I’ll test this range too so I’ll look at this short
Today’s Pairs
AUD/USD – Short
Similar to AUD chart. Small base on hourly, but the target is quite close on first glance
NZD/USD – Short
There was a bit of a rally here and a base on the 4h chart. Might be a big pip # R:R if I were to do something here. I’ll revisit maybe. This does look like it’s pushing down from the top of a range like in the basket
USD/CHF – Long
Extended
EUR/AUD – Long
This is in a bit of a base on the 4h chart, and again the pip numbers might be huge, but it also looks like a viable play (I’m fine with holding for a couple days). I’ll glance at the hourly to see if maybe there’s a tighter risk area so my R:R can be better, but I like what I see on the 4h
EUR/NZD – Long
This is very much at the bottom of a range and is currently basing there. If this heads back up to the top of this range, it could be a monster trade. I’ll run the numbers here for sure
EUR/CHF – Long
This has already had a decent bounce off of the bottom of a move. Looks extended already so I’ll leave it alone
CHF – S – This is a tough one because it’s down a ton already, and has been pushing down fairly strongly for 5 days in a row. On the other hand, it’s also come up on some support and looks quite extended. Looking down at the 4/1h charts, it looks more like a steady push down than an extended move, and there looks to be a base forming on the 1h possibly, so despite my overwhelm, and the amount of pairs I’m already looking at today, I’ll see what this looks like to the short side