Featured Trade
As if a regular analysis isn’t enough, forum user Bijoymj takes it to the next level by actually conducting a multiple time frame analysis on NZD/USD:
In his long NZD/USD trade idea, he states that he’s looking to buy at .8450 based on a long-term rising trend line on the higher time frames and a broken strong resistance on the lower time frames.
Are you willing to try out his setup?
Potential Trade Setups
AUD/USD: Will 1.0200 Hold?
Here’s a quick look at my favorite range lately! AUD/USD is headed for another test of 1.0200 support, which is the bottom of the long-term range on the daily time frame. Stochastic has already reached the oversold region so a potential bounce could take place anytime soon. See the setup
USD/CAD: Potential Breakout
USD/CAD has been consolidating inside a long-term symmetrical triangle on the daily time frame, but it appears that a breakout to the upside is in the cards. After all, stochastic is still climbing, which means that the pair could be headed further north. How high can it go? See the setup
NZD/USD: Resistance Turned Support
NZD/USD is currently stalling around the .8400 area as it seems to be finding a lot of buying support right there. It’s in line with the 50% Fibonacci retracement level and has acted as resistance in the past, so there’s a chance it might hold. Stochastic seems to be hinting the pair could dip a little lower though. See the setup
Comdoll Event Highlights for April 22-26, 2013
This week it looks like the RBNZ will be catching up to the RBA and the BOC as it prints its monetary policy decision tomorrow. Australia won’t be left behind though, since it’s also scheduled to print its inflation numbers on Wednesday. Of course, we’ll only see them after Canada prints its retail sales report. Will the comdoll countries’ reports erase the comdolls’ losses last week?
If you’re looking for action on the U.S. front then you’ll have to wait till later in the week when the durable goods orders, initial jobless claims, and the advance GDP reports are scheduled for release. The Greenback has been tracking the U.S. reports’ performance lately so make sure that you pay attention to the hits and misses in these reports.
Well, that’s it for my initial thoughts this week! But If you’re like me and you’re still unsure where the comdolls will go, maybe a look at the potential inflection points on AUD/USD, USD/CAD, and NZD/USD will help us out.
Significant Levels to Watch Out For
| AUD/USD | USD/CAD | NZD/USD | |
|---|---|---|---|
| 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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