Potential Trade Setups
AUD/USD: Triangle Forming
Higher lows and lower highs… Looks like AUD/USD is stuck inside a triangle formation on its 1-hour time frame. For range-lovin’ day traders, you could still jump in a quick short until the bottom of the triangle. If you’re patient enough to wait for a breakout, watch out for a rally past the .9450 handle or a drop below .9350. See the setup
USD/CAD: Rising Channel
USD/CAD still seems to be stuck in consolidation as always, but this pair is starting to creep a little higher. A rising channel can be seen on its 1-hour time frame, as USD/CAD just made a quick bounce off the bottom. If you’re a Loonie bull, you can set a limit order at the top of the channel around 1.0350. See the setup
NZD/USD: Pullback to .8100?
NZD/USD seems to be having a tough time making its way north, as it could take a quick retracement to the .8100 handle. This is in line with the 50% Fib and a former resistance level, which could act as support from now on. Stochastic is pointing down, which means that bears are in control at the moment. See the setup
Significant Levels to Watch Out For
|Week Open (WO)||0.9440||1.0288||0.8321|
|Previous Week High (PWH)||0.9460||1.0358||0.8352|
|Previous Week Low (PWL)||0.9281||1.0275||0.8194|
|Top Weekly ATR (tWATR)||0.9551||1.0353||0.8429|
|Bottom Weekly ATR (bWATR)||0.9330||1.0224||0.8213|
|Other significant levels||0.9300, 0.9450||1.0300, 1.0200||0.8200, 0.8400|
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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