The S&P and the DOW are both up, but only slightly on the day. This isn’t telling me a ton about today’s sentiment, so I’m just going to take the charts at face value for the most part
USD [N] – This is up on the day, but it’s met some resistance and has stalled out. I don’t see it going much higher, and I also don’t see it turning around today, so I’m going to ignore USD today
CAD [S/N] – This has been making lower highs and lows for the past couple of weeks, but today it hasn’t done much. It’s up a little under .1% on the day, and looks like there’s some resistance it can’t push through. I’m also, overall, bearish on this and since today it’s up, I don’t think I want to try to trade it
Today’s Pairs
NZD/JPY – Long
CHF/JPY – Long
EUR [L/N] – This is a tough one as it’s been ranging for about 6 months. I’ve been comfortable playing this within it’s range, but today, it’s kind of in the middle and has potential to go in either direction. It is near the lows and today’s an up-day, so it could be a good long play, but I don’t love it. I think I’ll wait one more day and see what this does before I pull the trigger here
GBP [N] – This is still in that high base pattern, and I’d like to play the breakout when it happens. It doesn’t look like it’s going to happen anytime soon, though, and today’s even a down day. I’m going to continue to leave this alone
JPY [S] – This hasn’t moved much today, but it is in a low-base pattern, down a bit on the day, and even if it doesn’t break through support, has a decent amount of room to move before it reaches that level. I’ll look at this against something, but since it’s not really moving right now, I might not actually pull the trigger. We’ll see what the chart(s) look like
AUD [N] – This is somewhat range-bound and somewhat in a low base at a level that’s acted as both support and resistance in the past. If it breaks out in one direction or the other, I’d be happy following this, but I can’t really make a case for it going in either direction right now, so I’m going to leave it alone
NZD [L] – This hasn’t moved much at all today, but over the last few weeks, this has been making slightly higher highs and lows. Similar to JPY (though opposite) I am bullish here, but I don’t know if I’ll actually pull the trigger since it’s not moving much. We’ll see what the chart looks like
CHF [L/N] – Overall, I’m bearish on this currency, but it’s having a really hard time pushing through support. It reached that level yesterday and today it’s on an up-day. I would only take it long in the very short-term, but I think there could be some pips to make there if the currency I pair this against does anything. We’ll see