Equities are continuing to push up this morning across the board. Things still look risk-on, we’ll see what baskets (and individual charts) look like.
USD – S – This is pushing down again this morning, lending more evidence to the head-and-shoulders pattern. That said, it’s nowhere near the “neck” so that pattern isn’t actually in play yet. Things do look weak overall in USD, though, and I don’t think it’s unreasonable to believe this might push back to it’s 50MA. That would feel like a range-bound trade, though, which I haven’t quite figured out. I think I’ll hold off for now and if I don’t see any other good shorts, I’ll revisit it
CAD – N – This is looking weak this morning after a few up-days in a row. Price failed at a fairly strong resistance level, and it’s 50MA. Just outside of the day’s lows is a prior resistance support level, so I’m not sure how much more room this has to fall today. Especially since it’s made some reversal-type moves. I don’t love this here, so I’ll leave it alone
Today’s Pairs
NZD/USD – Long
NZD/JPY – Long
NZD/CHF – Long
EUR – N – This pushed down again this morning, reaching a support level that’s held up as far back as May of 2020. Overall, this has been range-bound, and while I thought it was reaching the bottom of that range a few days ago, it definitely looks like there’s more before the bottom today. All of that said, price has also rallied already on the day and is sitting closer to it’s open. I don’t know how much more downside room this has and I definitely don’t want to take it long here, so I’ll hold off
GBP – N – This ended up pushing down pretty strongly yesterday after looking like it had some strength. Today, price has pushed down further, taking out yesterday’s lows, but has rallied back to it’s open. I also wouldn’t say this made a lower-low, so I don’t think it’s reversing either. I think there’s a lot of indecision here right now, and it’s something I don’t want to try my hand at, so I’ll hold off
JPY – S – This is pushing down again this morning, and broke what looked to me to be a fairly strong support level. It’s on a bit of a rally, but still looks overall weak, so I’ll take a look at this to the short side
AUD – N – This is on a nice couple-day rally and price is sitting near it’s 20MA. That said, it’s just been basing for the last 6 trading days and I don’t see any case for upward momentum here. I’ll leave this alone for now and hope to catch this short when it pushed through the lows of this base
NZD – L – This is up a ton this morning, I’d already say too much to try to trade it… It looks quite extended to me, but at the same time I don’t want to miss something that’s moving……. I’ll take a look at this to the upside, but I’ll do my best not to chase a trade
CHF – S – Gosh, this is tough. It’s been pushing down for 7 trading days in a row (including today), and just looks incredibly weak. It stalled at some support yesterday, but has pushed through that level today. It’s on a bit of a rally right now, but there may be more downside here. I may have missed it, but I’ll take a look at this to the downside