Wednesday 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.
Silver is toying with its 25-hour and a soon expiring NLBL. So far it’s been hanging on but I’ll be short here until a breach of 31.075.
But it’s really all about currencies this morning. The greenback is now back below both short term SMAs and will soon run into its 25-hour. I plan on being short until I see a breach of that SMA.
Nice SMA setup on the AUD/USD – it’s at its 25-hour right now, let’s see if it’ll act as support.
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CAD/JPY dropped back to both the 25-hour and 100-hour – great spot to get positioned. On the short side we would have to deal with a NLSL that may provide support.
NZD/USD looking a bit like the AUD/USD setup above. Same idea/setup.
EUR/NZD ran up hard and dropped back to its SMA – at least while I’m writing this it’s a good setup.
USD/CAD enjoying support of both SMAs.
USD/CHF just dropped through both and I’m short with a stop above 0.9175.