USD – L – The overall market has dropped sharply today, even gapping down, and USD has been up over the last wee or so, though it failed to make a new high today. It doesn’t look like the USD and S&P are very correlated right now, thought USD may just be a leading indicator right now, too. That said, while today was a fairly sizable drop, the S&P has been pushing up over the last few weeks, so this could be a temporary move. Regardless, the USD is pushing up and if it has another up-day tomorrow, it could be a strong one. We’ll see what it looks like on individual charts
CAD – N/L – CAD, actually, looks a little like USD from afar. Over the last week, this has been pushing up, and largely has been since April. It based a bit over the last couple of days, but at this juncture, I think the trend suggests a good move up if it breaks the recent highs. I don’t know if there will be a strong move tomorrow, but the only direction I’d take a trade would be long. I’ll maybe look, but it’ll be a lower priority
EUR – S *tonight* – This had a bit of a rally last week, but dropped strong today into a prior support area, and so far “Tomorrow’s” candle is sitting near that support area. I thought this last week and didn’t do much about it, but this looks like, if it’s going to make a move, it could happen overnight potentially. I’ll look at this short first tonight (if I remember) and then tomorrow when trading
Today’s Pairs
GBP/USD – Short
EUR/USD – Short
GBP/AUD – Short
EUR/AUD – Short
GBP/CAD – Short
EUR/CAD – Short
GBP – S – Simple. It’s been pushing down for a while, and made a new low today
JPY – N – Might Spike UP – This made, what looked like, a reversal move a couple of weeks ago. Last week, I thought was a simple retest, but has pushed through a prior resistance area and is back within a range from a month+ ago. I don’t love this in either direction. The only thing is, though, it does look like the sellers are losing out and there might be a big day soon. The overall trend doesn’t support it, but I wouldn’t be surprised. I’ll keep an eye out tomorrow and Wednesday for signs of a spike and an opportunity to go long, but as a lower priority and only if something looks like it’s really moving
AUD – L – this has been trending up since the beginning of July, and last week reached the 50MA and has been pushing up for the last couple of trading days since. That said, there are a couple of resistance areas above it, so I’m not sure how far this could go. If it’s a continuation of the current trend, it could run quite a ways, but that’s the thing. For now, I’ll only take trades long, we’ll see what it looks like on individual charts
NZD – N – I could argue an uptrend here since July 1, too, but a couple of weeks ago, this spike hard over a few days, then dropped just as fast over the next few days, and is now within a prior range. I don’t love this in either direction right now, so I’ll hold off.
CHF – N – This had a huge spike a couple of months ago, pulled back slightly, then has just been relatively smoothly pushing upward. It’s made a new high above the spike, but over the last couple of days has been down. The push up has been very slow, so I could see another down day tomorrow, and even if it does push up, it doesn’t seem like it’d be a sustained push. I think I’ll hold off here for now