Equities closed at the previous day’s open, but they did gap down, so it was a bit of a gain on the day. Futures are pointing to a small increase at the open, but it doesn’t look like enough to influence anything. I’m going to pick a direction for USD and look to trade that solely this morning, to trade the news event.
USD – S – Price is mostly ranging at this point, but today, price is already down and there’s some room before the next level of support. Even with an actual reporting number being better than the forecast, it’s still expected to drop to the lowest level since 2009. I’ll definitely look to short this on this news event
CAD – S/N – This is still in that descending triangle, for the most part. Yesterday’s candle closed barely above the upper line I drew. Today, it’s just below that line and still looks weak. It’d have to be a breakout, but I like this to the downside
EUR – N – This is on it’s second up-day so far, and while It has pulled back fairly significantly, today’s candle did make a new high. If I don’t see anything else I like, I’ll revisit this — I looked to take this long vs USD during the news event, but outside of that, I don’t want to take this long at this point
GBP – N – This is in a low base, but the last 3 trading days have seen decent sized moves in either direction, but price closes near the open. I don’t love this to the downside right now, but maybe I’ll look later (maybe this afternoon) and see if there’s an overnight play as there’s a news announcement coming out at 1am
Today’s Pairs
EUR/USD – Long
AUD/USD – Long
NZD/USD – Long
USD/CHF – Short
AUD/CAD – Long
AUD/JPY – Long
NZD/CAD – Long
NZD/JPY – Long
JPY – S/N – This is on it’s 4th down-day in a row, and is sitting on some support. There’s another level of support not too far away, but if it can break this first level, there could be some pips to be made
AUD – L – This is up again today and near the top of the highs it’s made over the last 2 weeks. Couple that with the fact that EUR/USD & EUR/AUD, GBP/USD & GBP/AUD and EUR/AUD & EUR/USD are all -80% correlated with each other, and this looks like a good long vs USD
NZD – L/N – I’ll glance at this, but, while it is up today, it’s at a pretty strong resistance level and yesterday’s high is a good amount higher. That said, since there’s some support close to USD, that doesn’t really mean a bad thing for NZD. I’ll take a look at this, but it isn’t my favorite
CHF – N – Looks like EUR, I’ll take a look — Took a look for news event, but don’t actually want to trade this today