Comdoll Trading Kit (November 26-30, 2012): Midweek Market Analysis

Midweek Market Analysis

BOC Head Carney to head BOE next!
Even though this announcement didn’t have much of a direct impact on CAD price action, it’s still worth taking note of. Could this mean that British government officials are so impressed by how Carney steered the Canadian economy into strong growth? And, more importantly, who will replace him as BOC head?

Strong U.S. data keeps Greenback afloat
It seems that we’re starting to see some improvements in the U.S. as their durable goods orders data and CB consumer confidence figures came in stronger than expected this week. Well, Forex Gump did mention that there’s compelling evidence that 2013 could be much better for the U.S. economy so we’ll just have to wait and see! Don’t forget that Uncle Sam is still set to release the preliminary GDP reading for Q3 2012 on Thursday.

Comdolls underwhelmed by Greek dealComdolls
EU finance ministers were FINALLY able to come up with a debt deal for Greece which would require the country to trim its deficit to 124% of its GDP by 2020. Although this resulted in a brief risk rally, comdolls were still unable to close above their week open prices as AUD, CAD, and NZD are still in the red against the Greenback. AUD/USD is currently dealing with a tiny 0.05% loss while NZD/USD is down by 0.21%.

Potential Trade Setups

AUD/USD: Uptrend is Still Intact!
AUD/USD UptrendIf you’re looking for a day trade, then pay attention to AUD/USD uptrend on the 1-hour chart. Stochastic might not be anywhere near the oversold region, but the pair looks like it’s about to aim for the 1.0500 handle. Be careful once it reaches the major psychological handle! See the setup

USD/CAD: Near Trend Line Support
USD/CAD Trend Line SupportOkay so maybe I lost my last USD/CAD uptrend trade. But maybe I was just looking at the wrong levels! If you think that the Loonie is about to weaken, wait for possible buy levels near the trend line and the .9900 major level. Oh, and check out the almost oversold Stochastic signal! See the setup

NZD/USD: Bullish Pennant Breakout?
NZD/USD PennantNZD/USD encountered resistance just below the .8250 handle, and is now forming what looks like a bullish pennant. Will it break to the upside, or will the .8250 level be too much for the Kiwi bulls? Check out the breakouts section of our School in case you haven’t traded this pattern before! See the setup

Comdoll Event Highlights for November 26-30, 2012

Calendar

This week isn’t very data-heavy for AUD/USD, USD/CAD, and NZD/USD but there are still some reports that might be worth trading.

Although there are no economic releases from Australia, Canada, New Zealand, and the U.S. today, you might want to watch out for the U.S durable goods orders report and CB consumer confidence data due tomorrow as these could have a huge impact on risk sentiment.

On Thursday, Australia has a couple of medium-tier reports such as its private capital expenditure report and HIA new home sales data. Canada will also be releasing its latest current account balance then. On Friday, watch out for the Canadian monthly GDP release.

Don’t forget to mark these significant inflection points if you’re planning to trade the comdolls this week!

Significant Levels to Watch Out For


AUD/USD USD/CAD NZD/USD
Week Open (WO)
1.0458
0.9929
0.8228
Previous Week High (PWH)
1.0472
1.0018
0.8252
Previous Week Low (PWL)
1.0338
0.9915
0.8112
Top Weekly ATR (tWATR)
1.0550
0.9986
0.8301
Bottom Weekly ATR (bWATR)
1.0366
0.9872
0.8155
Other significant levels
1.0500
0.9875, 1.0000
0.8200

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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Have fun and good luck trading this week, friends!

Happy time

Other Popular Articles:

What is the STA strategy? AUD/USD Trade Q3 2012 in Review Comdoll Trading Kit (November 19-23, 2012)

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