Potential Trade Setups
It's no wonder the Aussie bulls are having trouble breaking above 1.0250. It was a strong support level in the past! The doji on the daily chart confirms the resistance at the former support level, but how long can it keep the Aussie bulls at bay? See the setup
USD/CAD: Falling Channel vs. 1.0150
Like what Big Pippin pointed out on his charts today, USD/CAD is showing a nice descending channel setup on the 4-hour chart. Will USD/CAD reach all the way to the bottom of the channel near the 1.0100 handle, or will 1.0150 provide enough challenge for the Loonie bulls? See the setup
NZD/USD: Rising Wedge Breakout?
Here's one for those who like trading breakouts! NZD/USD has been trading on what looks like a rising wedge on the 1-hour chart. It's currently having trouble at the .8050 handle, but it's still within the wedge pattern. Will we see a breakout soon? Lemme know how you're planning on trading this one! See the setup
Comdoll Event Highlights for July 2 to 6, 2012
As we can see on the calendar, this week will be a busy one for the Aussie as the RBA is set to make its rate decision tomorrow. Aside from that, Australia will release its retail sales data and trade balance over the next couple of days.
The Loonie also has its fair share of reports as Canada will print its employment figures and Ivey PMI on Friday, along with the U.S. NFP report. Talk about starting the second half of the year with a bang!
Got any trade setups in mind already? Don't be shy to share with us! We don't bite! For those who are still stretching their trading muscles, you can start by marking the important levels on AUD/USD, USD/CAD, and NZD/USD!
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.
If you've got any trade setups you'd like to share, you know where to reach me!
Good luck in your trades this week, buddies!
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