Comdoll Trading Kit (September 23-27, 2013): Potential Trade Setups

Break-and-retest setups are just a few of my favorite things! Check out these potential plays on AUD/USD, USD/CAD, and NZD/USD:

Potential Trade Setups

AUD/USD: Area of Interest
AUD/USD ChartIf AUD/USD is gearing up for a major correction from its recent rallies, it could find support at the .9250-.9300 area of interest. This is in line with a former resistance level and is within the vicinity of the 38.2%-50% Fibonacci retracement levels. Stochastic is moving lower though, suggesting that Aussie bears might be in control. See the setup

USD/CAD: Support Turned Resistance?
USD/CAD ChartUSD/CAD is currently stalling below the 1.0300 major psychological level, which lines up with the 38.2% Fiboncacci retracement level on the recent swing high and low on the 1-hour chart. Could another test of the 1.0200 handle be in the cards? Stochastic seems to suggest so since it already turned from the overbought region. See the setup

NZD/USD: Break and Retest Play
NZD/USD ChartNZD/USD seems unable to sustain its rallies past the .8400 mark, as it is pulling back for a potential correction to the .8100 zone. This is in line with a previous resistance level and the 50% Fibonacci retracement level. Stochastic is moving south, hinting at a potential retracement as well. See the setup

Significant Levels to Watch Out For


AUD/USD USD/CAD NZD/USD
Week Open (WO)
0.9369
1.0307
0.8351
Previous Week High (PWH)
0.9529
1.0352
0.8437
Previous Week Low (PWL)
0.9263
1.0182
0.8138
Top Weekly ATR (tWATR)
0.9488
1.0378
0.8467
Bottom Weekly ATR (bWATR)
0.9250
1.0237
0.8236
Other significant levels
0.9350, 0.9500
1.0300, 1.0200
0.8300, 0.8430

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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