The S&P is making a small breakout on the hourly chart, and clearly pushing up on the daily. Overall, sentiment is risk on, but I’ll largely take baskets at face value.
USD – N – This broke out this morning, after 2 up-days in a row, but since then it’s been pulling back and price is now down a bit on the day/sitting right at it’s open. Overall, I’ve been bullish USD, so I like the initial up-move, but it did push below the 20 and is starting to form what looks like a head-and-shoulders. I think for now I’ll just leave it alone and (again hopefully) see how it behaved throughout the day
CAD – L – This has pushed up strong on the day already, and is now sitting at a fairly strong resistance area. It looks pretty extended already, but there hasn’t been any stalls yet, so I’ll look at this to the upside
EUR – S – This didn’t bounce off of the lows and push up yesterday — in fact, sellers came in and price closed near the open. Today, price is pushing down again, and while it’s pushed through some support, there’s another level not too far below this, and it’s already rallied a bit back to that support level. I could see some more room to the downside, maybe there’s more on individual charts, so I’ll take a look
GBP – N – This looks a little like yesterday’s candle. There’s a big upper wick which took out the prior day’s high but price has pulled back and is sitting just above the open. This is where price stayed at yesterday, so I don’t know why it’d do anything differently today, so I’ll hold off
JPY – S – This was riding it’s 20MA up for a little over a month, but last week, price pushed down through it. On Friday and Yesterday, price tried to rally again, but failed below the 20MA, and now price is dropping from that level fairly strongly. It’s at a support level that’s held quite a bit in the past, so if this can break that level, it could drop pretty far
AUD – N – I’m only looking at AUD short and it’s on a nice rally today, so I’ll hold off
Today’s Pairs
CAD/JPY – Long
This is near a breakout point, and I see a decent target, but unfortunately I don’t see a tradable pattern yet on the 4h or 1h charts. I’ll keep my eye out for something to form — I may enter a limit order at support/breakout point to take this long on a retest
CAD/CHF – Long
Similar to the above, except I don’t even see a good re-test area to try to target. This has been pushing up so steadily, there’s not much in the form of pullbacks or even support/resistance. If price bases here for a few hours, I’ll look to set an entry order, but I think that’s all I’m looking for here
NZD – N – I tried to short this yesterday, to play overall range it’s in, but price rallied early this morning and didn’t stay weak (stopped me out of my trade). It’s hovering around the highs of that range, and actually price is rallying off of that support/prior resistance area that makes up the top I could see a case made for strength behind this, but not enough that I’m comfortable trading it long today, so I’ll hold off
CHF – S – This pushed down again fairly strongly today — not as strong as yesterday, but still pretty strong. As of right now, it’s stalled at a level that’s been both support and resistance within the last couple of months. I don’t see how I can pass up looking at this to the short side again today