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.
Crude has been descending steadily and has now caught up with its 100-hour SMA. Decent inflection point but I would definitely wait for a more thorough retest.
Cable seems to be running into a seller near this diagonal resistance line – still speculative due to only three touches. However a tentative long above may be warranted – and by tentative I mean start small and build your position on the way up.
AUD/USD looking similar but we have to wait for another retest – I have an inkling we’ll be getting it so keep an eye on this one.
AUD/CAD attempting to shake off both its SMAs but got swatted down a few pips above par. I think this is not a bad spot to get positioned, however both SMAs are falling and thus support will pull away from us. Thus decide on your stop and stick with it – no ifs and no buts. A drop below both SMAs probably leads us back lower.
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