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Nearby inflection points are holding well for AUD/USD, USD/CAD, and NZD/USD as the comdolls brace for the last couple of weeks of 2017.

Significant Forex Levels to Watch
AUD/USD USD/CAD NZD/USD
Week Open (WO) 0.7644 1.2870 0.6997
Top Weekly ATR (tWATR) 0.7706 1.2962 0.7065
Bottom Weekly ATR (bWATR) 0.7581 1.2779 0.6929
Other significant levels 0.7700, 0.7600 1.2900 1.2800 0.7100 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:

AUD/USD: Daily

AUD/USD Daily Forex Chart
AUD/USD Daily Forex Chart

Aussie bulls seem ready for one last charge this year, defending the bottom of its long-term ascending channel so far. If this keeps up, price could make it back up to the top of the channel eventually or at least until the mid-channel area of interest.

Stochastic is pointing up to show that buyers are on top of their game, but the oscillator is nearing overbought levels to reflect exhaustion. In that case, another test of the channel bottom is still a possibility!

USD/CAD: 1-hour

USD/CAD 1-hour Forex Chart
USD/CAD 1-hour Forex Chart

The mid-channel area of interest held like a boss for USD/CAD, pushing price back up for another test of resistance near the 1.2900 major psychological mark.

This ceiling could keep gains in check as stochastic is already indicating overbought conditions and might be ready to head back down. If sellers take over, the pair could slide back to the channel support around the 1.2650 minor psychological mark.

NZD/USD: 1-hour

NZD/USD 1-hour Forex Chart
NZD/USD 1-hour Forex Chart

Are my eyes deceiving me or is that a tiny double top I’m seeing? In any case, NZD/USD is having trouble climbing past the top of its ascending channel, probably gearing up for a pullback before heading further north.

Stochastic is already indicating oversold conditions, though, which means that sellers need a break and could let buyers take over. A move past the .7100 mark could be enough to signal an upside break and mark the start of a steeper ascent for this pair.

Cheers,

Happy

See also: Q3 2017 Trading Performance Review

This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.