Comdoll Trading Kit (July 8 to 12, 2013): Featured Trade

Featured Trade

Blindfoldedmonkey from MeetPips.com pointed out a couple of double bottom patterns on the comdolls, namely on AUD/USD and NZD/USD.

AUD/USD

He also throws in a bit of fundies in his analysis, by cautioning that Chinese imports and Australian business conditions have been worsening lately.

According to his analysis, AUD/USD has already broken above the neckline of the pattern while NZD/USD has yet to make an upside break.

Check out the rest of the deets in his trade journal! Do you think I should jump in a long trade with either of these comdoll pairs?

Potential Trade Setups

AUD/USD: Range Resistance Play
AUD/USD RangeThanks to a couple of better-than-expected reports, the Aussie is having a breather against the comdoll bears. How long will it last though? The 0.9180 handle looks like a good place to short since it’s near a potential range resistance on the 1-hour chart. Think the pair will reach the level and then go down? See the setup

USD/CAD: Rising Wedge in the Making?
USD/CAD WedgeI haven’t really traded a lot of wedges before, but this particular wedge on USD/CAD’s 4-hour chart seems pretty solid. A short below the 1.0500 major psychological handle is a good idea if you think that we’ll see dollar weakness this week. See the setup

NZD/USD: Long-Term Trend Line
NZD/USD Trend LineWho’s ready to buy the Kiwi? NZD/USD is currently at a very sweet trend line support on the weekly chart. What makes this setup more interesting is that it’s also near the 0.7700 major psychological support and that Stochastic is at the oversold area. Are you up for trading this one? See the setup

Comdoll Event Highlights for July 8 to 12, 2013

Calendar

There aren’t a lot of comdoll events on this week’s schedule, but that doesn’t mean that the next few days will be any less exciting!

For one, the FOMC is set to print the minutes of their latest monetary policy meeting midweek, so we could see a lot of action across all dollar pairs. Aside from that, Australia will release its jobs report on Thursday, and this could lead to strong waves on AUD/USD’s chart.

If you’re still undecided how to trade the comdolls this week, better take a look at these potential inflection points first:

Significant Levels to Watch Out For


AUD/USD USD/CAD NZD/USD
Week Open (WO)
0.9051
1.0582
0.7700
Previous Week High (PWH)
0.9254
1.0609
.7859
Previous Week Low (PWL)
0.9038
1.0473
0.7689
Top Weekly ATR (tWATR)
0.9163
1.0654
0.7802
Bottom Weekly ATR (bWATR)
0.8940
1.0511
0.7598
Other significant levels
0.9000, 0.8950
1.0600, 1.0550
0.7700

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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  • Ayman khlifat

    Thanks , FOMC ahead next week , looking to bottom here around 0.90/0.91 to target 0.94/0.95 levels .