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?
Lots 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
If 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 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
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!
Significant Levels to Watch Out For
|Week Open (WO)|
|Previous Week High (PWH)|
|Previous Week Low (PWL)|
|Top Weekly ATR (tWATR)|
|Bottom Weekly ATR (bWATR)|
|Other significant levels|
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.
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