Despite NZD/USD’s decline since last week, trader gurprgre believes that the comdoll is still in for more selling!
Still, gurprgre recognizes that the 4-hour chart favors buying. For one thing, volume and MACD are already showing bullish signals. Not only that, he also thinks that the pair has reached 100% retracement with the 61.8% Fib as the target.
What do you think?
Potential Trade Setups
AUD/USD: Symmetrical Triangle?
The comdolls haven’t really been the darlings of the currency arena lately, but hey, maybe we’ll soon see a turnaround! In fact, I’m looking at a possible symmetrical triangle forming on the 4-hour chart. What do you think? Will the trend line support hold? See the setup
USD/CAD: Support at 1.0500
Here’s one for the comdoll bears! USD/CAD recently encountered support at the 1.0500, which has served as an area of interest for the Loonie bulls and bears. If you’re thinking of buying this pair, then you’ll like that Stochastic is on the oversold region. See the setup
NZD/USD: How Low will it Go?
Aaaand NZD/USD is at the bottom! As elisab has suggested, the bottom of NZD/USD’s channel on the 4-hour chart turned out to be a significant level for the Kiwi. The question is, how low can this pair go? Will the channel support hold or are we looking at another downside break? See the setup
Comdoll Event Highlights for August 26 to 30, 2013
One look at the calendar will tell us that there aren’t many major comdoll news on tap this week. The U.S. is set to print some potential market-movers though, starting with some major housing numbers and closely-watched PMIs. Also watch out for Canada, which will release its GDP report on Friday.
Other than that, keep an eye on appetite for the comdolls and even the U.S. dollar since they could always move our comdoll pairs more than economic reports.
If you’re unsure how to position yourself for trading this week, it might help to take at these potential inflection points on the comdoll charts:
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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