Premarket, equities are up a decent amount — so the market should open higher than yesterday. That said, it’s hard to determine whether it’ll continue up once it does open, or begin to drop. Last night, I read that people are moving into less-risky assets on the back of some Iranian unrest news, so I’m going to err on the side of risk-off
USD [L] – I’m overall bearish on this, but if we are in fact in a risk-off environment, this could continue up. The last 2, and 4 out of the last 5 trading days, this was up, so there is some momentum in that direction. I’ll see what individual charts look like, and try to get in something I plan to get out of by the end of the day
CAD [N] – While the last 6 candles were up, the bodies of those candles has steadily gotten smaller and smaller. Today, it’s got both a long upper and lower shadow, and is sitting almost exactly at the open. I could see a scenario where this continues up, and I could also see a scenario where buying pressure is coming to an end and this heads down. Either way, I don’t want to touch it today until I have a more clear picture of where this may go
Today’s Pairs
EUR/USD – Short
EUR/AUD – Short
EUR/NZD – Short
EUR/CHF – Short
EUR [S] – This has already moved down a bit today, so I’m not sure how much further it’ll move, but I do like this to the downside. I’d be a little more comfortable holding this for more than a day than I would with USD, so whether that means I get into something today and hold, or wait until tomorrow for something to develop, it’ll depend on individual charts (Idk if that sentence made sense, but you get the gist).
GBP [N] – Same story as yesterday. Basing/ranging and showing no signs of really going in either direction. Will continue to wait for this to develop
JPY [N] – I don’t love this pattern today, especially if I’m leaning risk-off. The current candle moved up a lot, but has since swung back to the downside and is currently lower than it opened. If we’re risk off, I’d like to see more strength behind this, and right now, I’m not seeing anything that makes me want to trade this. I’ll try to keep an eye on things, though, throughout the day
AUD [L] – I mentioned yesterday that if this could bounce off of support and head upward, I’d like this long. While this does have a long upper and lower shadow, the lower shadow is longer and it is just coming off of that major support level. I think this has potential to go up at least to the top of this range (at least to the middle of this range) which could be quite a few pips. I’ll see what individual charts look like
NZD [L] – Maybe I’m being wishful, but price pulled back to about the .786 fib level and looks like it’s trying to push up again. I’m not saying for sure that it’ll push up higher than it’s recent high and skyrocket, but even if it goes from it’s current price to that high, there are pips to be made. I’ll see what this looks like paired against other currencies
CHF [L] – This is still looking strong. I don’t have a ton to say about this other than I’ll pull the trigger here if I see something I like