I’m taking a look at the short-term charts of AUD/USD, NZD/USD, and USD/CAD to spot pullback opportunities and potential breakouts this week.
|Week Open (WO)||0.7617||1.2709||0.6878|
|Previous Week High (PWH)||0.7639||1.2837||0.6906|
|Previous Week Low (PWL)||0.7532||1.2673||0.6790|
|Top Weekly ATR (tWATR)||0.7678||1.2798||0.6947|
|Bottom Weekly ATR (bWATR)||0.7557||1.2621||0.6809|
|Other significant levels||0.7635, 0.7535||1.2800 1.2675||0.6900 0.6780|
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.
Here are some of the comdoll forex setups I’m looking at this week:
This pair has been able to edge higher for the past week, but it looks like Aussie bears had been waiting right at the area of interest on the 61.8% Fibonacci retracement level.
Stochastic is heading back south so price could follow suit, possibly making a beeline for the swing low at .7532. However, the oscillator is also closing in on oversold levels and a return in bullish pressure could still lead to another test of the support-turned-resistance at .7635.
The battle of the North American currencies is on! USD/CAD is currently in consolidation mode, forming a descending triangle with its lower highs and support around 1.2675.The pair might be waiting for the next big catalyst before deciding on a direction, and this week has the highly-anticipated OPEC meeting comin’ up.
Stochastic is turning higher to signal that buyers have the upper hand, possibly taking USD/CAD up to the resistance close to the 1.2800 mark. A breakout in either direction could trigger a 200-pip move, which is the same height as the triangle pattern.
Last but certainly not least is another support-turned-resistance play on NZD/USD. Price also bounced off the area of interest and might be setting its sights on the swing low at .6780.
Stochastic is on the move down to confirm that Kiwi bears have the wheel, but the oscillator is nearing oversold levels to signal exhaustion. If buyers are able to take over, another test of the 61.8% Fib and .6900 major psychological mark could be seen.
See also: Q3 2017 Trading Performance Review
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