What do you think of these potential trades I spotted on AUD/USD, USD/CAD, and NZD/USD?
Potential Trade Setups
AUD/USD: Major Correction?
AUD/USD has sold off sharply recently, but it appears that Aussie bears are running out of steam. The pair could retrace to the .9100 major psychological level, which was a former support area, before resuming its drop. This is in line with the 61.8% Fibonacci retracement level so it could hold as resistance for AUD/USD in the near term. See the setup
USD/CAD: Ascending Triangle
Which way could USD/CAD go? The pair has been consolidating inside an ascending triangle for the past few days, as dollar traders seem to be gathering more energy for a breakout. An upside breakout could take the pair past the 1.0600 major psychological resistance while a downside break could push it below 1.0400. See the setup
NZD/USD: Channel Break!
NZD/USD might be ready to start a new trend, ladies and gents! The pair is slowly making its way out of the falling channel on its 1-hour time frame, suggesting the beginning of an uptrend. If that’s the case, NZD/USD could climb back up to the .8000 major psychological level while stochastic is also northbound. See the setup
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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