It’s Friday, I’m already in a trade, and I don’t want to take a new one through the weekend, so I’m going to do a quick RSW this morning and only pull the trigger if something looks too good to pass up
USD [S] – This has continued to fall and is now at levels it was at the beginning of February. It is at some support right now, but it’s not a super strong level. I’d be comfortable shorting this
CAD [N] – This is on another down-day as well, and is showing some commitment to the bearish side. That said, I’m already in a CAD trade, and unless I add to my position, I don’t really feel the need to take another today
Today’s Pairs
EUR/USD – Long
USD/JPY – Short
EUR [L] – This broke to new highs and appears to be continuing it’s upward trajectory
GBP [N] – This is down again a little today after the rally from the past 3 days. I don’t like this in either direction right now, so I’m going to leave it alone
JPY [L] – This is showing signs of strength again, as it’s pushed through the highs from 4 days ago and is up a decent amount today. I’ll look into taking a long JPY trade
AUD [N] – This looks weak, but it’s pulled back from today’s lows, plus I don’t see a ton of room between those lows and the next level of support. Also, I’m a bit nervous to trade AUD right now as I’ve been burned by it a couple of times in the past. I’m going to leave this alone for now
NZD [N] – I’m overall bearish here, I think, but right now, this appears to be in a low-base and today is up quite a bit. I’m going to leave this alone until it returns to the down-side, or convinces me that the trend has reversed to the upside
CHF [N] – I’m already in a CHF trade, and while it looks really strong right now, I’m only going to add to my current position, not take a new one