Which among these setups on AUD/USD, USD/CAD, and NZD/USD should I take this week? I have a feeling the NFP release will cause quite a commotion!
Potential Trade Setups
AUD/USD: Rising Trend Line
AUD/USD seems to be having trouble sustaining its rallies so a quick pullback might be what it needs to gather more steam. If that’s the case, it could retrace until any of the short-term Fib levels on the 1-hour time frame, which are right in line with the rising trend line. Stochastic is showing a bullish divergence, too! See the setup
USD/CAD: Area of Interest
If USD/CAD is looking for a quick pullback before gaining enough energy to break below the 1.0300 handle, a retracement to an area of interest might do the trick! The 1.0350 minor psychological level is in between the 61.8% to 50% Fib levels, which might act as resistance later on. Stochastic is in the overbought zone, hinting at a drop. See the setup
NZD/USD: Buy Zones
Even though the Kiwi seems to be facing a tough challenge heading north, the uptrend still seems to be intact as fundamentals support a bullish NZD position. On the 1-hour time frames, there are potential buy zones around the 50% and 61.8% Fib levels, which coincide with former resistance levels. Do you think it’ll bounce there? See the setup
Significant Levels to Watch Out For
|Week Open (WO)||0.9671||1.0290||0.8487|
|Previous Week High (PWH)||0.9678||1.0392||0.8526|
|Previous Week Low (PWL)||0.9418||1.0277||0.8286|
|Top Weekly ATR (tWATR)||0.9777||1.0353||0.8591|
|Bottom Weekly ATR (bWATR)||0.9565||1.0227||0.8383|
|Other significant levels||0.9700||1.0200, 1.0280||0.8670, 0.8450|
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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