I’m seeing tests of major inflection points for AUD/USD, NZD/USD, and USD/CAD that could determine if trends or ranges would hold. Check ’em out!
|Week Open (WO)||0.7595||1.2698||0.6864|
|Previous Week High (PWH)||0.7645||1.2909||0.6946|
|Previous Week Low (PWL)||0.7551||1.2680||0.6790|
|Top Weekly ATR (tWATR)||0.7654||1.2798||0.6932|
|Bottom Weekly ATR (bWATR)||0.7535||1.2608||0.6796|
|Other significant levels||0.7600, 0.7535||1.2900 1.2675||0.6850 0.6750|
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:
Can Aussie bears keep going? This pair has pulled up to the top of the descending channel visible on the 4-hour time frame, still deciding whether to make a bounce or a break.
Stochastic is halfway through on its climb to the overbought region, which means that there’s still some bullish momentum left. If buyers are strong enough, they could breach the channel resistance around the .7600 handle and trigger a reversal.
This pair previously broke past the descending triangle resistance only to zoom back down late last week. Right now, a range seems to be forming and USD/CAD might be in for a test of support.
The bottom of the range could hold as a floor since stochastic is already indicating oversold conditions, which means that sellers need to take a break and might let buyers take over.
In that case, a bounce could take price up to the range resistance or at least until the area of interest around the 1.2800 major psychological mark.
If you wanna go with the flow, then this new descending channel on NZD/USD might be worth watching. Price is stalling around the mid-channel area of interest and looks ready for another test of resistance.However, stochastic is already on the move down so the pair might follow suit and head south to the channel support around the .6750 minor psychological mark.
Keep in mind that price gapped down over the weekend, which suggests that bears just hit the ground running and could stay in the lead in the near-term.
See also: Q3 2017 Trading Performance Review
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