Equity markets have seemed to recover after a down beginning of last week. They’re currently sitting at the previous highs, but if Robb is right, this is approx. where they’ll stall out (as he predicts a range/base coming). I’ll take the charts at face value, for the most part, and then when markets open up, I’ll see what happens.
USD [S/N] – I’ve been bearish on USD for a bit, now, and it looks like that could continue to be the case. Price did have an up-day on Friday, but closed closer to the lows, and today, price hasn’t gotten nearly as high as Friday’s high and it’s sitting right at the open. If nothing else, there are some pips to be made between current price and support, but it could also push through that and fall further. We’ll see how individual charts look (and what the equities do)
Today’s Pairs
GBP/USD – Long
GBP/AUD – Long
NZD/USD – Long
AUD/NZD – Short
CAD [S/N] – I’m overall bearish on this, as price has consistently made lower highs and lower lows over the last couple of months. It’s also pushed through a couple levels of support, and is currently sitting below a level of support (at a level that’s previously been resistance). That said, as of right now, price is up from Friday’s close, but not by much — I suppose a case could be made that this has “stepped down” and a rally is due before another large down-move, but I don’t know if I want to trade this counter-trend (if it was ranging, I’d consider it). I’ll remain bearish on this, assuming it’ll return to that direction when markets open, but it’ll ultimately be based on what the individual chart I look at tells me
EUR [L/N] – I’m cautiously bullish on EUR. While it’s been in that descending triangle pattern, price is currently up a good amount. It’s been ranging in this fashion for some time, so I’d be comfortable going long here. That said, it did push through a level of support, though, it didn’t reach lows that it had reached previously. I’m comfortable being bullish here, but I’m cautious, I’m hoping the chart setup is pretty enough that I can pull the trigger (–whichever other currency I pair this with’s chart)
GBP [L] – This has pushed through resistance and has continued higher. It has somewhat stalled out at another level of resistance, but there’s still a good amount of space between current price and the top of that range. And, if it can break out of that area, it has a lot of room to run
JPY [N] – Sentiment suggests that this should be heading down, but so far today price has been up (as it was on Friday). As of right now, I don’t like this to the upside at all, but it also doesn’t seem to be making any bearish moves. I think I’m just going to leave JPY alone for today and see what it does later/tomorrow morning
AUD [S] – This is still in that weird low-base pattern and is down today. It is near a pretty major level of support, but not quite at the bottom yet. I like this to the downside, and I’ll like it even more when/if it can push through support. We’ll see what individual charts look like
NZD [L] – This hasn’t move much at all today, but the little it has, has been down. Over the last 1.5 months, though, this has been steadily increasing and pushing through resistance. I still believe it’ll continue in it’s bullish direction, but it might not be the best play today as it’s not really moving at all. I’ll look at a couple NZD charts to see if anything makes sense still, though
CHF [S/N] – This is still in that descending triangle pattern, and having trouble pushing through support. It’s currently right at that support/previous resistance level and is on an up-day. I don’t want to trade this today, but overall, I’m bearish on CHF