Equities gapped much higher yesterday, but ended up falling after that — and the shift from risk-on to risk-off was pretty evident. Futures are pointing to another gap-up to near yesterday’s highs, but who’s to say what’s going to happen once they open. I’ll take the baskets at face value for the most part right now.
USD – N – After the big drop-off yesterday, this dropped a little more today but has since been up. This might be a good short later today/tomorrow if it reverses again, but I don’t like it right now
CAD – L – This had a strong up-move yesterday, and it’s continuing today — pushing through the resistance level it reached last week. It’s since pulled back to that resistance level, but if it can push back up, this might be a good long
EUR – N – This was down yesterday, and is up today, but fully within yesterday’s candle. I’m not ready to be bullish on this, so I’m going to leave this alone for now
GBP – S/N – This is basing again after a large down move in the first half of May. If this can break this support level (which is still quite a few pips away), this could make for a good short. I’ll see what individual charts are showing
Today’s Pairs
GBP/CAD – Short
CAD/JPY – Long
CAD/CHF – Long
GBP/NZD – Short
NZD/JPY – Long
NZD/CHF – Long
JPY – S – It feels like I want to be bearish here, but at the same time, I don’t love what I’m seeing. I think it’s mostly that JPY has been fairly unpredictable, but so has everything else. This is down again today, and has made a new (as of now) swing low. There’s some light resistance at current price and some light resistance near the swing low, but they’re really not strong enough to give me that much pause. I’ll take a look at a couple JPY charts to see if it makes sense to short today
AUD – N – After pushing to new highs yesterday, this has reversed and is down a decent amount on the day. I’m still overall bullish here, so I’ll wait until this heads back up. Hopefully I’m willing and able to check on these this afternoon
NZD – L/N – This has also stalled as did AUD, but this is still up on the day and has actually made a new swing high today. Ideally, this will push out of today’s highs before I actually get in, so I’ll see if there’s any opportunity on individual charts
CHF – S/N – This pushed through some support this morning, and made a new swing low, but has since pulled back to that support level. If this is a simple pullback and it heads back down, this could be a good short. I’ll look at a couple CHF charts to see if the opportunity is there