What do you think of these potential trades I spotted on AUD/USD, USD/CAD, and NZD/USD?
Potential Trade Setups
AUD/USD: Major Correction?
AUD/USD has sold off sharply recently, but it appears that Aussie bears are running out of steam. The pair could retrace to the .9100 major psychological level, which was a former support area, before resuming its drop. This is in line with the 61.8% Fibonacci retracement level so it could hold as resistance for AUD/USD in the near term. See the setup
USD/CAD: Ascending Triangle
Which way could USD/CAD go? The pair has been consolidating inside an ascending triangle for the past few days, as dollar traders seem to be gathering more energy for a breakout. An upside breakout could take the pair past the 1.0600 major psychological resistance while a downside break could push it below 1.0400. See the setup
NZD/USD: Channel Break!
NZD/USD might be ready to start a new trend, ladies and gents! The pair is slowly making its way out of the falling channel on its 1-hour time frame, suggesting the beginning of an uptrend. If that’s the case, NZD/USD could climb back up to the .8000 major psychological level while stochastic is also northbound. See the setup
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.
Other Popular Articles:
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.