Tuesday 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.
The E-Mini happens to be lingering around short term support right now. There’s an hourly NLBL which it’s been battling for the past few hours. I want to be long here with a stop below the 25-hour. I am not sure that a drop below would get me into a short trade – IMNSHO a continuation higher (i.e. burning more shorts) would be the easier trade right now.
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GBP/USD – I’m posting the daily panel as well to provide a bit of context. On the hourly we are sitting at the 25-hour and you know what to do there. Should we get a good entry here then it may actually turn into a medium term trade as we may breach that daily NLBL today.
EUR/USD – continues to work on painting a floor. The 25-hour is now pushing up again after being breached on Friday. Nothing like a little dip to shake out some weak hands. I’m currently long here with a stop below that SMA. Either it takes over now and provides solid support or cable takes another dipper.
AUD/USD – early warning – we may get a touch of the 100-hour SMA here. I would try a long there, especially if I see weakness on the DX and other Dollar cross pairs.
AUD/JPY – now on my death watch – of course only short term (just for the record). It’s been shooting higher rather rapidly which makes it a reversal candidate. But nothing happens until that 25-hour is being breached and that’s what I’m waiting for. Yes, yes …. there is method to my madness 😉[/amprotect]