Here’s another setup that I’m thinking of taking this week. What do you think of buying GBP/AUD?
I posted on my Meetpips.com page that I’m also considering buying GBP/AUD. See, I don’t really see any significant changes from the diverging sentiment for both the pound and the Aussie. Not only that, but I’m also seeing a pretty solid trend line and SMA support on the 4-hour chart!
What do you think? Time to go long?
Potential Trade Setups
AUD/USD: Doji Alert!
AUD/USD has been rallying really strongly lately and it seems that retracements have been shallow. Right now, the pair has already bounced off support at the 38.2% Fib near the .9100 major psychological handle. In fact, it formed a doji before showing some upward momentum. See the setup
USD/CAD: Long-term Trend Line
Take a look at that! USD/CAD’s daily rising trend line is still holding like a boss, as the pair made a couple of tests recently. It is currently finding support at the 1.0300 major psychological handle but stochastic is pointing down, suggesting that the pair could dip a little lower again. Do you think the trend line will still hold? See the setup
NZD/USD: Triple Top Pattern?
Is that a triple top or a pseudo-head and shoulders formation? The pair seems to be having trouble making any headway past the .8050 mark, as signaled by this reversal chart pattern. The neckline is around the .8000 mark and the pair appears to have broken down already. Will it continue to sell off from here? See the setup
Comdoll Event Highlights for August 12 to 16, 2013
One look at our calendar this week will tell us that we’re expecting absolutely NOTHING from the major comdoll countries this week. In fact, a quick look at the tier 2 reports also reveals that only Australia’s NAB business confidence, Westpac consumer confidence, and New Zealand’s food price index is on tap.
Does this mean that we should expect a continuation of last week’s price action? Or do you think that risk and Greenback sentiment as well as commodities price action will determine the Aussie, Loonie, and Kiwi’s fate?
If you’re as unsure about the comdolls’ direction this week as I am, then you might want to check out the significant levels on AUD/USD, USD/CAD, and NZD/USD below. Who knows? Maybe those support and resistance areas could give you your trade of the week!
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.
Other Popular Articles: