Equities are up a decent amount this morning, and it looks like when they open, it’ll be either at or near the recent highs. USD already looks to be up on the day, so I’m going to assume a more positive correlation between equities and USD rather than a negative one. I’ll take the rest of the charts at face value
USD [L] – I was bullish on this yesterday, and already today, it’s looking like a good buy. There’s some resistance there still, but I’ll use my 5 pip buffer to (hopefully) ensure it’s broken out enough to make a sustained run
CAD [N] – I want to say I’m rating this as a “Long” since this has been up consistently over the last 4 days and trending up since the beginning of the month (and it’s up pretty strong today); however, in the past CAD has been fairly prone to whipsaws and I’m already in a CAD trade and don’t really want to press my luck with it. I don’t feel the need to take a second CAD position, so I’m going to monitor the one I’m in and not look for any more opportunities
Today’s Pairs
USD/JPY – Long
CAD/JPY – Long
EUR [N] – This is still in that sort of low-base pattern that it was in yesterday (though it pushed lower than the lows of the base yesterday), but it’s up a little today. This hasn’t shown any signs of strength since the end of January, so I don’t want to take this long and since it’s up today, I don’t want to short it
GBP [N] – This is now basing, with the lows of this base being the highs of the previous base. It’s down again today, within the base, so I’m going to leave this alone until it shows signs of moving significantly in one direction or the other
JPY [S] – This is down pretty big already today, but is staying within a range. If it can push below the range it’s in, I think this can drop pretty far, so I’ll look for a breakout opportunity with JPY
AUD [N] – This is still ranging, and not really showing signs of one direction or the other. Currently, while price did move up and down a bit today, it’s sitting at the open. I’m going to continue to leave AUD alone for now
NZD [N] – I’m already in an NZD trade, which is the primary reason I’m neutral here, but the other reason is that it didn’t really push through support as I’d hoped and it’s actually up a bit today. My trade is at least break even, so that’s fine there, but I’m just going to monitor my current trade and that’s going to be all I do with NZD today
CHF [N] – This look to be on a bit of a rally, but overall I’m bearish here, and it’s not a strong rally, so I’m going to leave this alone. I don’t see a huge potential to the upside and as of right now, it’s not showing signs of heading down