Who says that you need to trade the majors to get lots of pips? youngtrader07 from Meetpips.com just bagged 160 pips from his EUR/NZD trade!
In his EUR/NZD trade idea he saw a bearish pin bar, which is near a previous resistance level and a 21 EMA bounce on the daily chart. Check out his post!
Potential Trade Setups
AUD/USD: Headed for 1.0500?
Looks like that double top on the 4-hour time frame didn’t work out for AUD/USD! Support at 1.0400 held once more and AUD/USD seems poised to make another top around the 1.0500 major psychological level. Stochastic is in the overbought region though, suggesting that a selloff could take place anytime soon. See the setup
USD/CAD: Tight Channel
USD/CAD is crawling in a pretty tight channel on the 4-hour time frame, as the pair made lower highs and lower lows. After testing the top of the channel recently, it could head right back down. Stochastic is offering no clues since it’s currently on middle ground. Watch out for potential support around the 1.0100 handle! See the setup
NZD/USD: Will .8500 Hold?
What a rally by the Kiwi! The pair has taken flight as it soared from the .8200 handle last month to the .8500 area recently. The question is, will that psychological resistance level still hold? Stochastic is in the overbought region suggesting a potential selloff but it appears that the pair has room to head further north. See the setup
Comdoll Event Highlights for April 8-12, 2013
This week AUD/USD is likely to see the most interesting price action since Canada and New Zealand won’t be releasing major economic reports.
China’s trade balance is important for the comdolls because a healthy exports growth could spell good fortune for the commodity-producing countries. Meanwhile, the U.S. retail sales data could be bearish for the Aussie if it comes in better-than-expected because it would suggest that consumer activity is still alive and kicking despite the weak NFP report.
And then there’s Australia’s employment numbers. Though the RBA’s recent optimism leads us to believe that it could exceed expectations, keep in mind that high expectations is one of the reasons why a miss in Canada’s employment numbers last Friday affected the Loonie’s price action as much as it did.
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
|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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