Price gapped up, but closed lower on Friday. That said, pre-market, the S&P is up. I’m gong to assume it’s going to continue this move up, since it has fairly consistently, and assume a risk-on environment.
USD [S] – This is somewhat in a low-base pattern, and it’s still making lower lows. It’s not a very clear base, though, because the wicks are pretty wide on the last few candles. Today, so far, it’s been down as well, and since we’re in a risk-on environment, I expect this to continue downward. I’m comfortable shorting this today
CAD [N] – This has been down the last 3 days, but last Wednesday, it made a new swing high. To me, it’s looking as though this down move that it’s been on is just a pullback, and it’ll go back to the upside. Not only did it make a new swing high, but this current low is higher than the previous low and it’s stalled out at some support. I don’t want to go long here today, but I think my outlook has turned more bullish
EUR [S] – This has pushed through that lower line that made up the descending triangle, and has closed below it. It’s already looking like it doesn’t want to push back up, so I’m pretty bearish right now. I just need a “long” to pair this against
Today’s Pairs
NZD/USD – Long
EUR/NZD – Short
GBP/NZD – Short
USD/CHF – Short
EUR/CHF – Short
GBP/CHF – Short
GBP [S] – This has been moving down for the last week, and it’s not showing any real signs of slowing down. It has come up against a pretty strong level of support (the level that made up that long base starting a couple of months ago), but I wouldn’t be surprised at all if it pushed through that level as well. If it does, too, that makes even a stronger case to short this. Again, though, I need a “long” to pair against it
JPY [N] – This looks weird to me right now. It’s somewhat in a low-base pattern, but within that pattern has moved up steadily. It’s not showing any real signs of a reversal, but it’s also not a “pretty” low base. I think I’m going to leave this alone for today (especially because it hasn’t moved much at all anyway over the last few days) and see what this looks like later in the week
AUD [L/N] – This is a tough one. It looks like it wants to go higher, as the last 3 days were up-days, but it’s stalling out at resistance again. It pushed through a little bit, but not convincingly so, and there hasn’t been a follow-through, so I’m hesitant to take this long today, but there’s some potential if it could have a meaningful breakout. I’ll look to play this long ONLY if nothing else looks good
NZD [L] – This looks as though it’s finally broken out of that high base and is making new highs. I definitely see a long potential here, so let’s see how individual charts look!
CHF [L] – I’m cautiously long here, as I’d like to see a great pattern on an individual chart. That said, I am bullish because it broke out above the descending channel that it was in, and price has now used that level as support twice. Today, it’s already up a bit, too, so I’m comfortable going long here, if there’s a tradable pattern