Comdoll Trading Kit (April 1-5, 2013): Potential Trade Setups

Since we’re starting a new trading quarter, I figured I could feature slightly longer term comdoll trades.

Potential Trade Setups

AUD/USD: Headed for 1.0600?
AUD/USD 1.0600 ResistanceLots of Aussie traders are on the lookout for AUD/USD’s 1.0600 handle, which has served as a strong resistance level for the pair since Q3 2012. Heck, I have even designed a trade setup around this level a few weeks ago! It didn’t work out for me but you’re welcome to trade the major psychological level! See the setup

USD/CAD: Fib and Trend Line Support
USD/CAD Trend Line SupportIf you’re one of the Loonie bulls and you’re looking for a place to take profits, then maybe you can consider the 50% Fib on the daily chart, which is near the rising trend line that has been holding since the start of the year. Oh, and Stochastic is in the oversold area too! See the setup

NZD/USD: Broken Bullish Pennant
NZD/USD Broken PennantNZD/USD recently broke what looks like a bullish pennant that had formed over the long weekend. Right not it looks like the pair is on its way to new monthly highs. The .8460 area is looking like a mean resistance level, especially since it hasn’t been broken since its first test in late 2012. See the setup

Comdoll Event Highlights for April 1-5, 2013

Calendar

If trading the news is your cup of tea, then this could be your lucky week! The RBA is set to make its interest rate decision and possibly give a more upbeat assessment of the Australian economy on Tuesday while Canada is scheduled to print a bunch of top-tier economic figures (trade balance, employment data, and Ivey PMI) on Friday.

Take note that the U.S. is set to print several major reports, including the NFP figure, this week as well. It’s gonna be an exciting one, I can tell!

If you’re like me and you’re still unsure where the comdolls will go, maybe a look at the potential inflection points on AUD/USD, USD/CAD, and NZD/USD will help us out.

Significant Levels to Watch Out For


AUD/USD USD/CAD NZD/USD
Week Open (WO)
1.0421
1.0177
0.8363
Previous Week High (PWH)
1.0497
1.0236
0.8396
Previous Week Low (PWL)
1.0397
1.0147
0.8336
Top Weekly ATR (tWATR)
1.0490
1.0229
0.8434
Bottom Weekly ATR (bWATR)
1.0352
1.0125
0.8293
Other significant levels
1.0450, 1.0600
1.0200, 1.0280
0.8275, 0.8350

In case you’re wondering what ATRs are all about and how I computed those figures, make sure you check out my entry explaining my trading strategies.

Happy time

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