Price behaviors are behaving oddly today. We saw a rally in equities, gold, bond prices and oil while the dollar traded flat. The only time we see multiple markets move like this is when investors are trying to find safety. Repositioning could shake out into new trends.
The EUR/USD is trading flat today and we are looking for a short at the higher, long term resistance or on a break of the trend line support. We will likely be waiting through the weekend at this point.
(see EUR/USD below)
The CHF/JPY stopped us out on the spike higher and returned to today’s open. We will be looking for another short potentially. With any volatility and a continuation of the franc weakening we saw today, this pair still could reverse to our lower support levels.
(see CHF/JPY below)
The NZD/CAD edged slightly lower today but we are still watching for price to bounce and return to the recent highs. We are also watching for price to clear these highs for a potential add point.
(see NZD/CAD below)