Forex Analysis | November, 6 2019

USD [S] – Yesterday was an up-day, but it didn’t get as high as it’s previous high, and today looks to be somewhat stalled. I still like this as a short play, not only because of it’s basket chart, but also because the S&P is up and has broken through resistance

CAD [S] – I wasn’t sure about this one yesterday, but today it looks like I want to short it. It looks like it’s forming a bit of a bear-rally or possibly even a power reversal. I’d be more bearish on this if the MAs were to crossover, but I’m still relatively bearish

EUR – After yesterday’s down-day, today appears to be up. That said, it is engulfing as of right now, so if that remains throughout the day, maybe this will be a good short opportunity tomorrow

GBP – No news, still high-basing, waiting on Brexit

JPY [S] – This is still in that low base pattern, and while it did push through support a bit, it wasn’t very convincing and today it appears to be up. I’m in no rush to trade this currency, but I still think it’s poised to go down

AUD [L] – This has made higher highs and higher lows over the last 1.5 – 2 weeks, and the 20 MA just crossed over the 50. There is a pretty strong level of resistance that I want it to push through before I get excited about this, but I still think it’s a good long play. Lastly, today’s candle is pretty much sitting at the open (though it did move both up and down a bit), and the candle is being engulfed by the previous candle, so there’s another point in the long category

NZD [L] – This is making higher highs and higher lows, and the 20MA is kissing the 50, but it’s not super convincing. Again, I’d like this to push up through resistance before I get excited about it, but at least I have another Long currency to pair with all of the shorts that appear to be in the market right now

CHF [S] – This still isn’t the prettiest short pattern, but there does appear to be a descending triangle forming — it’s also been making lower highs and lower lows over the course of the last 3+ months. If it pushes through support, that’d be great, but regardless, I still see this as a short play