Even though the comdolls don’t have a lot of catalysts comin’ up this week, the FOMC decision could lead to big moves for AUD/USD, USD/CAD, and NZD/USD.
|Week Open (WO)||0.7507||1.2854||0.6842|
|Previous Week High (PWH)||0.7654||1.2880||0.6917|
|Previous Week Low (PWL)||0.7501||1.2623||0.6822|
|Top Weekly ATR (tWATR)||0.7567||1.2947||0.6908|
|Bottom Weekly ATR (bWATR)||0.7447||1.2762||0.6777|
|Other significant levels||0.7515, 0.7400||1.2900 1.2675||0.6850 0.6900|
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:
The descending channel resistance on AUD/USD held as a ceiling, pushing price back to the mid-channel area of interest for a quick break from the slide.
A small bearish flag pattern can be seen, which means that trend continuation is likely. However, stochastic is already indicating oversold conditions so a bounce is also possible, and this could lead to another test of the resistance.
If there’s one thing I know about USD/CAD, it’s that it loves to stay in range. Last week’s support test led to a sharp bounce, taking price close to the resistance once more.
The 1.2900 major psychological level could keep gains in check again, especially since stochastic is in the overbought area and looks ready to turn lower. If sellers return, the pair could make its way back down to support at 1.2675.
Consolidation is the name of the game for the Kiwi as NZD/USD formed lower highs and higher lows to create a symmetrical triangle on the 1-hour chart.
Price is currently bouncing off the bottom and could be headed for a test of resistance while stochastic moves up. The chart pattern is around 200 pips tall, so a breakout in either direction could last by the same height.
See also: Q3 2017 Trading Performance Review
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