Here’s an awesome AUD/JPY trade by my comdoll buddy bobmaninc that reminds me I should look at cross pairs more often!
Check out his long trade idea:
Potential Trade Setups
AUD/USD: Magic 1.0400 area
Just when I thought that AUD/USD is headed towards 1.0200, it encountered support at the 1.0300 area. Is the 1.0400 level this week’s magic number for AUD? After all, the number is near the 38.2% Fib and a former support and resistance area. What do you think? See the setup
USD/CAD: Retracement Play
Hey look, USD/CAD already broke its falling channel! If you think that the Loonie isn’t done falling just yet, then you can probably wait for the 50% Fib retracement, which is near the top of the broken channel and a former resistance area. Be careful of Stochastic though! See the setup
NZD/USD: More room to fall?
Unlike USD/CAD’s setup, NZD/USD’s falling channel is still intact. In fact, it just broke below a mid-channel support, which could drag it all the way to the .8275 zone near the bottom of the channel. On the other hand, it could also pop higher and test last week’s highs without even touching the bottom. Place your profit targets wisely on this one! See the setup
Comdoll Event Highlights for April 15-19, 2013
This week, USD/CAD could take center stage with all the upcoming releases from Canada in the coming days. First up is the BOC interest rate decision scheduled on Wednesday, to be followed by the Canadian CPI report on Friday. Watch out for potential breakouts on USD/CAD then!
No other reports are due from Australia and New Zealand so we might see quiet trading for AUD/USD and NZD/USD. Don’t forget though that China just printed a weaker than expected GDP reading earlier today and that this could weigh on the commodity currencies.
Well, that’s it for my initial thoughts this week! But 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
|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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