Comdoll Trading Kit (October 21-25, 2013): Potential Trade Setups

Which among these setups on AUD/USD, USD/CAD, and NZD/USD should I take this week? I have a feeling the NFP release will cause quite a commotion!

Potential Trade Setups

AUD/USD: Rising Trend Line
AUD/USD ChartAUD/USD seems to be having trouble sustaining its rallies so a quick pullback might be what it needs to gather more steam. If that’s the case, it could retrace until any of the short-term Fib levels on the 1-hour time frame, which are right in line with the rising trend line. Stochastic is showing a bullish divergence, too! See the setup

USD/CAD: Area of Interest
USD/CAD ChartIf USD/CAD is looking for a quick pullback before gaining enough energy to break below the 1.0300 handle, a retracement to an area of interest might do the trick! The 1.0350 minor psychological level is in between the 61.8% to 50% Fib levels, which might act as resistance later on. Stochastic is in the overbought zone, hinting at a drop. See the setup

NZD/USD: Buy Zones
NZD/USD ChartEven though the Kiwi seems to be facing a tough challenge heading north, the uptrend still seems to be intact as fundamentals support a bullish NZD position. On the 1-hour time frames, there are potential buy zones around the 50% and 61.8% Fib levels, which coincide with former resistance levels. Do you think it’ll bounce there? See the setup

Significant Levels to Watch Out For

AUD/USD

USD/CAD

NZD/USD

Week Open (WO) 0.9671 1.0290 0.8487
Previous Week High (PWH) 0.9678 1.0392 0.8526
Previous Week Low (PWL) 0.9418 1.0277 0.8286
Top Weekly ATR (tWATR) 0.9777 1.0353 0.8591
Bottom Weekly ATR (bWATR) 0.9565 1.0227 0.8383
Other significant levels 0.9700 1.0200, 1.0280 0.8670, 0.8450

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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