After having 2 down days, equities had a nice rally yesterday. Premarket, equities are up a decent amount already, so I’m going to assume that this is a risk-on day. Despite that, both USD and JPY are already up today, which doesn’t bode well for my risk-on sentiment, so I’m mostly going to take the charts at face value. I’ll see what happens when the market actually opens — maybe I’ll shift my outlook
USD [L/N] – As I mentioned, I think today’s going to be risk-on, but this is up right now. I don’t want to take this long if it is a risk-on day and I don’t want to short this because it’s up a decent amount already. If markets open and begin to move down, I’ll look to take this long. Otherwise, I’m going to leave this alone
CAD [S/N] – This showed some strength beginning the middle of last week, lasting through yesterday — but it stalled out at some resistance. Today’s candle has moved in both directions, but is currently sitting near the open. Overall, it’s down a bit today, and there’s a decent amount of room for this to go before it reaches the next level of support, so if an individual chart looks good, this might be a good short. It’s not my favorite, though, so let’s see if anything else looks better
EUR [S] – This had a couple of up days in a row, but the bodies of those up days shrunk — the buyers steadily seemed to be losing to the sellers. Today’s candle is similar to CADs wherein it’s moved in both directions but is currently sitting near the open. I’m overall bearish here, too, so I think this is a stronger short than CAD, so we’ll see what individual charts look like
Today’s Pairs
USD/CAD – Long
EUR/USD – Short
NZD/USD – Short
CAD/JPY – Short
EUR/JPY – Short
NZD/JPY – Short
GBP/NZD – Long
GBP [N] – This is in a bit of a pullback/base, but it’s above the previous base that it was in. While they are down-candles, they seem to be getting smaller and smaller, and it looks to me like price could move to the upside in the coming days, but I’m assuming it’ll stay within that range still. I don’t love this right now, so I’ll wait to see more confirmation of one direction or the other before I pull the trigger in GBP
JPY [L/N] – Similar to USD, I’m bullish here if equities, in fact, move lower when the markets open. Otherwise, I think I want to hold out. This moved up considerably over the last couple of weeks, but yesterday had a down-day, but it looks to be a simple pullback, but this is also showing signs of beginning to base. I’ll look at some individual charts here if markets open and move lower, otherwise, I think I’m going to sit out of JPY in the short-term
AUD [N] – This had a huge down-move at the end of last week and the beginning of this week, but since then It’s been up some. Yesterday (today’s candle), price spiked on a positive news announcement (which stopped me out of a trade), but it’s currently sitting near the open. I don’t like this as a short right now, and the strength is looking like it’s fading away, so I’m going to just leave this alone for now
NZD [S] – I’d be much more bearish here if it would push through yesterday’s low, which is at the same level as previous support, but it’s been moving lower since the beginning of the year, so I’m turning bearish here. I’ll see what this looks like vs other currencies and potentially pull the trigger here
CHF [N] – For a while, I’ve been bullish on CHF, but lately, it’s been pulling back/basing. It spiked up a couple of days ago, but since has been pulling back again. It’s currently stalled out at some support — but this level is still higher than the low of the base/pullback, which makes me still lean bullish here, which makes me not want to trade this today. We’ll see how it behaves tomorrow