*I’m not sure that I’m going to trade to day as it’s Friday, I’m going to be out of town this weekend, and I’m already in a trade. I do want to do my analysis, though, just in case*
Bloomberg, this morning, showed that the equity markets were up today, but looking at the charts on investing.com, they’re still down. I’m not sure if I’m missing something somewhere, but I’m going to go with what the chart is showing me. — It looks like it gapped up, so it opened higher than yesterday, but so far, price is below the open (though still above yesterday’s open and close). It’s essentially flat, so I’m not really going to consider market sentiment while doing analysis today. Simply looking at charts
USD [L/N] – I’m more neutral than bullish on this currency because it’s bounced off of the lower trend-line and is heading up, but failing to reach prior highs. That said, the S&P is showing some negativity, and USD is showing some positivity, so that correlation may still/again be there. I don’t see a lot of room for it to run, really, on the bullish side, so I’m going to leave this alone, unless there are no other long plays out there
CAD [L] – I’m currently long here, and I’m glad I am. Yesterday was a pretty strong up-day and today is shaping up to be the same. At the very least, it has a ways to run before reaching it’s previous high, so I’m going to just trust my analysis and keep following my trade in profit
Today’s Pairs
USD/CHF – Long
CHF/JPY – Short
EUR [N] – This failed to reach the upper end of it’s range, and has had 2 consecutive down days. Also, the wicks on the down days are pretty large, which suggests indecision. It’s barely moved today (.04%), so I think I’m just going to leave this alone
GBP [N] – This dropped pretty significantly today, so I’m glad I wasn’t super bullish like everyone else. That said, I do predict it’ll stay in the range/base that it’s in, and I’m not opposed to going long here, but I want to wait for it to actually break to the upside. I’m going to continue to leave this alone for now
JPY [L/N] – This has made new highs (above it’s base) and pulled back a bit, but to about the 61.8% fib level and looks to be heading back up. Today, though, it hasn’t moved much at all and is currently sitting right at the open. I’ll be more bullish on this when it breaks out again, above the previous new high it just made. For today, though, there’s not enough movement, so I’m going to leave it alone
AUD [S/N] – I’m bearish on this primarily because I’m in a bearish AUD trade. That said, it appears to be low basing, and while it’s currently up a little on the day, it doesn’t seem to be holding and it can’t even reach yesterday’s highs. I think this will continue to be bearish, or – worst case scenario – it bases, but I’m still in profit. I’m not going to take a new AUD trade, but I do like the one I’m in
NZD [L/N] – This, slowly but surely, looks like it wants to revers the downtrend that it’s been in for 3.5 months. That said, it looks like it’s having trouble pushing through resistance and making significant new highs. I think it can, based on the chart, but I don’t think it’ll be soon unless a major news announcement comes out. For today, though, I don’t think I want to touch it
CHF [S] – This is another down day, and it looks like it could be heading back to that level of support. I’d be super bearish here if it could break that level, but there’s still enough room between it’s current level and support that this may be a good short opportunity. I’ll see what it looks good against