Forum member elisab is back with another controversial trade setup. This time he thinks that AUD/USD has already completed a 61.8% Fib correction and is headed higher.
Do you agree with this setup?
Potential Trade Setups
AUD/USD: Finished Retesting?
Is AUD/USD ready to sell off again? The pair seems to have broken below the .9700 major psychological level and has finished retesting the area. However, stochastic is pointing upwards, suggesting that Aussie bulls could push the pair back above the former support level. Do you think this pair is headed north? See the setup
USD/CAD: Short-Term Channel
The pair’s downtrend still seems to be intact as the falling channel on the 1-hour chart is holding like a boss. The pair is currently near the top of the channel while stochastic is pointing down, hinting that USD/CAD might be headed south. If that’s the case, the pair could make its way to the bottom once more. See the setup
NZD/USD: Major Correction?
Could a break and retest scenario be in the works for NZD/USD? The pair broke below the rising trend line recently but looks ready to pull right back up. The 38.2% Fib is holding as resistance for now, but there’s still a chance the pair could retrace to the 61.8% level, which is in line with the broken trend line. See the setup
Comdoll Event Highlights for June 17 to 21, 2013
Looks like we’re in for a busy comdoll week! For starters, we’re going to see the RBA minutes, the FOMC statement, and new BOC Governor Poloz is set to have a speech. On the economic data front, New Zealand will release its GDP report, China will print its HSBC manufacturing PMI, and Canada will publish its inflation AND retail sales numbers.
With lots of potential volatility-inducing reports, it’s important to be prepared for the week ahead. Make sure that you have considered different scenarios for each trade and that you have allotted appropriate stop losses. Don’t hesitate to give me a shout out on my Twitter or Facebook pages if you need any help!
If you still haven’t formed a bias on the comdolls this week, then you should at least mark the potentially significant chart levels on AUD/USD, USD/CAD, and NZD/USD. We never know just how many other traders are watching the same inflection points!
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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