The comdolls pairs are sitting at areas of interest to start the week, waiting for a bit more momentum to kick in. Think the trends could go on this week?
|Week Open (WO)||0.7999||1.2194||0.7281|
|Previous Week High (PWH)||0.8059||1.2241||0.7321|
|Previous Week Low (PWL)||0.7956||1.2083||0.7183|
|Top Weekly ATR (tWATR)||0.8063||1.2292||0.7347|
|Bottom Weekly ATR (bWATR)||0.7936||1.2097||0.7216|
|Other significant levels||0.8125, 0.8000||1.2250, 1.2150||0.7350, 0.7200|
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:
Make or break for AUD/USD! The pair’s uptrend is still intact, but price is currently testing a strong area of interest at the .8000 major psychological mark.
This lines up with the 50% Fibonacci retracement level and the rising trend line connecting the lows since mid-August. Support seems to be holding, so buyers might get enough strength to push price back up to the swing high at .8125.
A break below support, on the other hand, could lead to a selloff until the next potential floor around .7850. Stochastic is on its way up, though, so the odds are in the Aussie bulls’ favor for now.
Think the Loonie is done with its rallies? This short-term rising channel on USD/CAD’s 1-hour time frame might be of interest to ya, as it has been holding since the start of the month.The pair appears to be encountering a bit of a roadblock at the mid-channel area of interest around the 1.2200 handle, but a pickup in bullish momentum could still take it up to the resistance at 1.2250. Price has gapped up over the weekend anyway to indicate that buyers are eager to get things started.
However, stochastic looks ready to turn lower to signal a return in selling pressure. If so, USD/CAD could dip back to the channel support at 1.2150 or even attempt to break lower.
As for NZD/USD, price seems to be setting its sights on the channel resistance around .7350 to .7400 already as it has moved past the mid-channel area of interest and completed a brief pullback.
Stochastic is already indicating overbought conditions, however, so a larger correction to the channel support at .7200 is still a possibility. Keep in mind that there are plenty of event risks lined up for the Kiwi this week, namely the New Zealand GDP release, GDT auction, and Parliamentary elections, so higher volatility could come into play.
See also: Q2 2017 Trading Performance Review
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