Break-and-retest setups are just a few of my favorite things! Check out these potential plays on AUD/USD, USD/CAD, and NZD/USD:
Potential Trade Setups
AUD/USD: Area of Interest
If AUD/USD is gearing up for a major correction from its recent rallies, it could find support at the .9250-.9300 area of interest. This is in line with a former resistance level and is within the vicinity of the 38.2%-50% Fibonacci retracement levels. Stochastic is moving lower though, suggesting that Aussie bears might be in control. See the setup
USD/CAD: Support Turned Resistance?
USD/CAD is currently stalling below the 1.0300 major psychological level, which lines up with the 38.2% Fiboncacci retracement level on the recent swing high and low on the 1-hour chart. Could another test of the 1.0200 handle be in the cards? Stochastic seems to suggest so since it already turned from the overbought region. See the setup
NZD/USD: Break and Retest Play
NZD/USD seems unable to sustain its rallies past the .8400 mark, as it is pulling back for a potential correction to the .8100 zone. This is in line with a previous resistance level and the 50% Fibonacci retracement level. Stochastic is moving south, hinting at a potential retracement as well. 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.