The S&P is down a bit pre-market, and there’s some anticipation that it’ll dip a bit. That said, Bloomberg said it’ll open at a support level, so there may not be room for it to dip too much. I’ll see what happens when the market actually opens
USD – I’m not sure what to do here, which somewhat makes me want to leave it alone. It’s on another up day, eve though it’s been making lower lows and highs and pushed through a lower support level and trend-line. That said, even though it’s up right now, it’s stalling out at a level of resistance that has acted as support. All of that, coupled with the fact that I’m not sure what the S&P is going to do (and whether that’ll push this above resistance, or reverse it back to the downside) gives me pause with USD. I’ll look again when the market opens and see if it makes any significant moves to either side
CAD – This has rallied up to previous swing high levels, and looks pretty strong. That said, the previous 1.5 month’s worth of activity suggested a bearish outlook here. This could be a reversal back to the upside, but I’d like to see this break above the .8415 level before I’m ready to take this bullish, and with the strong up moves, I don’t want to take this bearish either. I’ll just wait and see
EUR [S] – This reached the upper trend-line and is on a pretty strong down-day. This has quite a bit of room before reaching the lower line making up the descending triangle, so I’m comfortable shorting this today. Let’s see if there’s a clear long I can pair this against
Today’s Pairs
EUR/JPY – Short
GBP/JPY – Short
CHF/JPY – Short
EUR/NZD – Short
GBP/NZD – Short
NZD/CHF – Long
EUR/USD – Short
GBP/USD – Short
USD/CHF – Long
USD/JPY – Short
NZD/USD – Long
GBP [S] – This is on another down day, but is still stuck at some support. If it can break this level, there’s somewhere between 40 and 80 pips that I believe it could run (in the basket), so I like this to the downside, but I’d like it more if it could break that level. Let’s see what individual charts look like
JPY [L] – I’m cautiously bullish here. It made some new lows, appeared to base, but has already made a new high within the base. This isn’t to say that I’m overall bullish on JPY, but if S&P opens lower (which it’s expected to), I like this to the upside for today. Of course, let’s see what individual charts look like
AUD [N] – I don’t love this today. It’s on a bit of an up-day but it looks to simply be a rally within an overall down-move. I don’t feel comfortable taking this in either direction today, so I think I’ll just leave it alone
NZD [L/N] – I like this to the upside, but I don’t know if I love it. It was steadily increasing over the course of the last 1.5 months, but it looks to have stalled out and is either basing or trying to roll over. It’s on an up-day, and has some room to go before the next support area, but not a ton, and it’s not as pretty. I’ll look at this against some other currencies, and see if individual charts tell a better story, but I don’t know if I love It right now
CHF [S] – This is on a down day already after reaching some support. This high is still lower than a previous swing high, so to me, the descending triangle is still in tact. I’ll look to short this today, we’ll see how the charts look