My AUD/JPY long trade is still open (and in the green!) but I’d like to make more pips! Help me catch a good trade for the week by letting me know what you think of these potential plays on AUD/USD, USD/CAD, and NZD/USD:
Potential Trade Setups
AUD/USD: Potential Pullback
Aussie bulls, unite! It looks like AUD/USD ain’t lookin’ back from its recent rallies, as the pair looks ready to break past .9300. A potential pullback might be in the cards though, with the 61.8% Fib lining up to the .9200 major psychological support and former resistance. See the setup
USD/CAD: Bullish Divergence
USD/CAD may be selling off pretty aggressively, but it appears that the Loonie might see an end to its happy days. The pair has formed a bullish divergence, as price made higher lows while stochastic drew lower lows, on the 4-hour time frame and hints of a potential bounce from the trend line. See the setup
NZD/USD: Ready to Reverse?
How high can the Kiwi go? Based on the pair’s 4-hour time frame, it appears that NZD/USD might be approaching resistance around .8100 pretty soon. Stochastic is ridiculously overbought, which means that Kiwi bulls are already very exhausted. Is it gonna bounce or break this time? See the setup
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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