Game night last night — plus we ate dinner late and generally didn’t make the greatest decisions — so I’m late this morning. Equities are already down a decent amount and USD is reflecting that a bit. I’ll keep that in mind.
USD – N – This is on it’s 4th up-day in a row, and slightly broke out to a new high this morning. It has since pulled back, but if it can get back up to those levels, I like this to the up-side. That said, I’m already in a USD trade, and it doesn’t look good enough for me to take a second position — unless it’s in the trade I’m already in, so I’ll just hold off
CAD – N – This isn’t really conforming to that descending triangle anymore — which makes sense since a lot of the makeup of that pattern occurred during heightened volatility. It looks like it’s in a fairly clear base, now, so I’ll wait until it breaks to one side or the other to really pay attention to this
EUR – L/N – This has been steadily going up over the last 4 days, and today it’s up again. That said, today’s high isn’t as high as yesterday’s, and is sitting at some resistance. I like this to the up-side, but I don’t love it. I’ll see if there’s a breakout opportunity I can play — There’s also a EUR news event overnight, maybe I’ll put in entry orders late tonight to try to trade around that
Today’s Pairs
EUR/AUD – Long
AUD/JPY – Short
AUD/CHF – Short
GBP – N – This is now, I’d say, steadily moving downward, and I’m definitely bearish GBP. That said, it made a new swing low yesterday, and while it’s down today, it’s sitting right near it’s open. There’s also 30 pips between yesterday’s low and today’s low (and another 40 between current price and today’s low). I like this to the downside, but not until it breaks yesterday’s low. I’ll revisit this afternoon
JPY – L/N – This is similar to USD, and with a risk-off sentiment, this should rise. It’s up for the third day, and is currently at some light resistance. If this can get back up to the day’s highs and break out, I like this to the upside
AUD – N – This has been basing for the last 5 days, and is just near the bottom of that base now. This could potentially go down based on sentiment, but it’s not doing so too strongly right now, and overall I’m bullish on this. Maybe I’ll look at shorting this this afternoon, but for now, I’ll hold off
NZD – N – This is down on the day, but is near some resistance (and seems to be a bit stalled at that level). I like this to the downside, especially if it can push through that level, but right now, I don’t like it enough to take a second NZD position. Maybe if my current trade pushes below this base/rally. I’ll hold off taking new NZD trades now, though
CHF – L/N – Again, same as EUR