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My, oh my! The comdolls are seeing a lot of action this early on in the week! Check out these potential trade setups I’m looking at:

Potential Trade Setups

AUD/USD: Higher Retracement?
AUD/USD ChartAUD/USD doesn’t seem ready to head south just yet! The pair bounced off the key .9300 support area, which is around the neckline of the double bottom. Right now, it looks ready to make another test of the 38.2% Fibonacci retracement level on the daily time frame. But with stochastic pointing down, bears might still be in control! See the setup

USD/CAD: Approaching Support
USD/CAD ChartIf there’s one thing I know for sure about USD/CAD, it’s that this pair loves to range! On its 1-hour time frame, USD/CAD has bounced around the 1.0300 zone and found support near 1.0275. But with the dollar selling like lemonade on a hot summer’s day, there’s a good chance the bottom of the range might break. See the setup

NZD/USD: Channel Breakout?
NZD/USD ChartNZD/USD has been slowly climbing inside a rising channel on the 1-hour time frame and looks ready to test resistance. Will it hold or fold? Stochastic is still pointing up, which means that Kiwi bulls have enough energy to push the pair much higher. How high do you think it’ll go? See the setup

Significant Levels to Watch Out For

Week Open (WO) 0.9322 1.0311 0.8285
Previous Week High (PWH) 0.9458 1.0342 0.8391
Previous Week Low (PWL) 0.9298 1.0270 0.8217
Top Weekly ATR (tWATR) 0.9437 1.0379 0.8397
Bottom Weekly ATR (bWATR) 0.9208 1.0244 0.8173
Other significant levels 0.9200, 0.9300 1.0300, 1.0200 0.8200, 0.8150

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.

Happy time

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