Featured Trade
I spotted another gem from Meetpips.com!
This week I spotted a pretty cool trade posted by Wilson just a few hours ago. In his post, he sold EUR/CAD at 1.3663 and is using a 20-pip stop and a profit target of 60 pips for a 3:1 trade.
What do you think? Do you agree with the resistance levels that he spotted?
Potential Trade Setups
AUD/USD: Approaching Range Support!
Heads up! A bounce could be in the cards for AUD/USD, as the pair is currently approaching the bottom of the range around .9050. At the same time, stochastic is in the oversold zone, suggesting that the support might hold. Do you think the range will still hold? See the setup
USD/CAD: Bullish Divergence
The rising trend line on USD/CAD’s daily time frame is still holding, and it appears we’re getting more confirmation for a bounce. Not only is stochastic in the oversold region, but it has also made a bullish divergence! Better make sure it crosses up first before jumping in though. See the setup
NZD/USD: Done Retracing?
NZD/USD is testing the rising trend line on its 1-hour time frame, as the pair is finding support near the .8000 major psychological level. Stochastic is oversold, which means that Kiwi sellers are exhausted. The 61.8% Fib level appears to be holding, too. See the setup
Comdoll Event Highlights for July 29 to August 2, 2013
We’re in for a lot of tier 1 comdoll-related reports this NFP week!
Canada’s GDP can provide good vibes for the comdolls if it comes in stronger than the expected 0.2% growth for May. We have to watch out though, because after that is the big FOMC minutes and the Chinese government’s own manufacturing PMI report.
The comdolls could continue to see volatility later in the week when the US releases its non-farm payrolls numbers. Many are expecting a slightly weaker employment change but a decrease in jobless rate from 7.6% to 7.5%.
Remember that reports such as the ADP employment change and ISM non-manufacturing PMI can inspire positioning ahead of the NFP, so keep an eye out for potential profit-taking after the actual NFP release!
In case you still can’t decide which major reports to play, you can always mark your AUD/USD, USD/CAD, and NZD/USD charts and see if you can spot potential trade setups:
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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This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.
