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Are the comdolls in for a midweek reversal? Here are some potential turnaround scenarios for AUD/USD, USD/CAD, and NZD/USD.

Potential Trade Setups

AUD/USD: Testing Channel Support
AUD/USD ChartBounce or break? AUD/USD is currently hovering around the bottom of the rising channel that’s forming on its 1-hour time frame. Stochastic is deep in the oversold region, hinting at a potential bounce, but it seems bears have enough energy. A bounce could take the pair back to the middle of the channel though!See the setup

USD/CAD: Triangle Forming?
USD/CAD ChartHeads up! USD/CAD seems to be encountering a barrier at this point, which could mean that its current rallies might pause. The pair is forming a symmetrical triangle and is currently testing the top of the triangle. At the same time, stochastic has turned from the overbought zone and is suggesting a possible dip.See the setup

NZD/USD: Approaching Support!
NZD/USD ChartWhen will the bleeding stop? NZD/USD has been getting battered on the forex charts, as the pair had a steep tumble in the past couple of weeks. It is approaching a strong support level for now and it remains to be seen if the floor will hold or give way. Stochastic is pointing up, which suggests that Kiwi bulls are ready to charge. See the setup

Significant Levels to Watch Out For




Week Open (WO) 0.9588 1.0447 0.8282
Previous Week High (PWH) 0.9758 1.0462 0.8544
Previous Week Low (PWL) 0.9572 1.0270 0.8274
Top Weekly ATR (tWATR) 0.9693 1.0513 0.8388
Bottom Weekly ATR (bWATR) 0.9484 1.0382 0.8176
Other significant levels 0.9450, 0.9700 1.0450, 1.0550 0.8250, 0.8100

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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