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 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
If 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 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
| AUD/USD | USD/CAD | NZD/USD | |
|---|---|---|---|
| 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.
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