S&P gapped up, but closed lower on Tuesday, and closed even lower yesterday. That said, those lower closes weren’t that low, and they’re still sitting above Monday’s close, so there’s some indecision. Pre-market appears to be going lower, but I can’t say for sure. As of right now, I’ll take the basket charts at face value.
USD [S] – I’ve been bearish USD all week, and it’s looking like price is primed to continue down. There’s been some indecision in today’s candle, but it is currently lower than the open. If S&P does, in fact, increase, that furthers my case. We’ll see what happens when the markets open, but I plan to play this to the short side
CAD – Technically, this broke above 2 other swing highs, but it’s still not making higher swing lows. I could see a scenario where this continues higher, but I could also see one where this bounces off of that level of resistance and heads back down. I think I’ll leave CAD alone again today, but I’ll check again when the US markets open to see if there’s movement
Today’s Pairs
EUR/USD – Long
EUR/GBP – Long
USD/CHF – Short
GBP/CHF – Short
GBP/CAD – Short
EUR [L] – This is still in that descending triangle pattern, but it’s having a hard time breaking through support. Currently, it’s not at the low, but it’s near the lows and is up a bit already today. While I’m bearish overall on EUR, for today, I’d be comfortable taking this long
GBP [S] – This is down fairly significantly already this morning, as it has been for the last couple of days. It’s showing no real signs of slowing down, so I’ll look to short this today
JPY [N] – This is on an up-day, so far, but it’s in a low base pattern. I don’t really feel comfortable being bullish here, and it’s not really showing signs of becoming bearish today, so I’m going to leave it alone
AUD [N] – I, honestly, don’t really know what to say about AUD today. The basket’s chart is all over the place, and I don’t see a pattern that I’m comfortable with right now. It’s on an up-day, but is stalling out at a couple levels of resistance, and I also don’t see this heading down with any conviction either. I think I’m just going to leave AUD alone
NZD [N] – This is pretty much in a high-base pattern, and both MA’s are sloping upward, but it’s currently on a down-day. I don’t feel comfortable trading within this high base – opposite of trend – so I’m going to leave this alone, unless something changes
CHF [L] – The case for the descending triangle pattern is looking weaker and weaker as the lows have gotten slightly lower; but if you follow a trend-line on the lows, it shows a nice wedge pattern, and price has already closed above the upper trend-line twice. It’s currently on an up-day above that upper trend-line, so I’m comfortable taking this long, and I think my outlook might become overall bullish here