Overall, the DOW and S&P are down about .4% on the day. That said, they’ve both rallied a bit, and current price (in both) are sitting closer to the day’s high rather than the low. This suggests some risk-off sentiment in the short term. I’ll keep that in mind as I’m looking at the other currencies
USD [L/N] – The sentiment suggests that this should be moving higher, but it’s pretty stagnant right now. It has moved up some, and down some, but it’s sitting right at the open right now. I’ll look at this vs other currencies, in case something happens and it moves a lot, but I’m not super excited about this today
CAD [L/N] – I’ve been bearish on this for a while, but it looks like it’s bounced off of another level of support and is currently on an up day. This could be a temporary pullback before pushing through support and heading down, or it could be bullish for a while staying within a range. There’ no way to know, but in the short term, I’m comfortable going long here
EUR [L] – I’m still bullish this currency, even though it’s not moving much right now. Similar to USD, this has moved both up and down a bit over the course of today (starting at 4:00pm yesterday) but is currently sitting right around the open. This hasn’t quite reached the top of the range it’s been in for a while yet, so that’s why I’m bullish here, but there doesn’t look to be a great opportunity either way
GBP [L/N] – This is still near the top of that range it’s been in for a while, and looks like it wants to break out. There hasn’t been much Brexit news (as far as I know) so I think that’s kind of holding it back, but the upside looks good. Plus, Robb and Ankit thinks this is/will be a good long play, too. I don’t know if it’ll do anything today — everything looks stagnant — but we’ll see
JPY [N] – This is still in that low base, and looks like it could drop pretty far if it breaks support, but, that said, over the course of the last week, it’s been making higher highs and higher lows from the range it was in. I can’t be super bullish or bearish here, so I’m just going to leave this alone for today
Today’s Pairs
EUR/CHF – Long
EUR/AUD – Long
CAD/CHF – Long
USD/CHF – Long
AUD/USD – Short
AUD/CAD – Short
AUD [S/N] – This is sitting at the bottom of the range it’s been in for a while, and looks like it’s basing a bit. It’s at a pretty major level of support, but if it can break through that, there’s a decent amount of room it looks to have to run. That said, since it is at the bottom of the range, there’s potential for it to head back up to the top of it’s range, but I’d like to see a mini breakout of the base that it’s currently in before I become bullish. I think, for today, I’m going to leave this alone
NZD [N] – This has made slightly higher highs and higher lows over the course of the last couple of months, but it’s been slow moving, and there hasn’t really been a breakout. Also, there’s a pretty strong level of resistance from back in September that it hasn’t reached yet. It’s on a down day, but there aren’t signs of it actually heading down with any conviction, so I’m going to leave this alone for today
CHF [S] – This is on a down day, and is still in that descending triangle pattern. In the basket, there’s about 60 pips that it can move even before it gets to the bottom of the triangle, so, while it’s not really moving right now, I’d be comfortable shorting this