Thursday Morning Briefing

Welcome to our morning briefing. Here we are reviewing short term setups ahead of the NYSE opening bell. If you are a scalper or swing trader then these setups may be of interest to you. As usual keep in mind that these are short term setups although they could be used as early entries for more longer term positions.

After yesterday’s sell off the E-Mini seems to be looking for a floor. I’m not convinced it’s in place just yet – our current line in the sand is the 1500 mark which conveniently lines u with our 25-day SMA. Not much on the hourly panel to hold on to. There’s a new NLSL near 1501, reconfirming our 1500 inflection point.

Gold is making a lunge for its 25-hour right now – great spot to get positioned depending which way it’ll swing. It has served as resistance in recent days reconfirming that it’s being observed.

EUR/GBP may be giving us a LKGB  – watch out for that near 0.866.
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NZD/USD at its 25-hour. I’m a bit split here as it may be attempting to paint a floor but needs to get out of the gate. Well, the falling SMA will either hold or not – use that.

GBP/JPY – a touch of that 25-hour would be nice – which I would use to get positioned to the downside again.

GBP/CHF – touch of the 100-hour – I expect resistance here.

AUD/USD also trying to make it across its own 25-h but it’s falling fast and has pushed prices along thus far.

AUD/NZD may be ready to pop back above the 25-hour. Not my favorite pair but if you’re in this one use this as context.

Crude is sliding down its lower 100-hour BB. Very strange formation but I have seen it before. I would use that for now until the 25-hour catches up in a few hours and we get a bit more context.

Cheers,