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A pretty light week ahead for the comdolls, but I found interesting setups on USD/CAD’s 1-hour and AUD/USD and NZD/USD’s daily charts that you might want to look at.

Significant Forex Levels to Watch
AUD/USD USD/CAD NZD/USD
Week Open (WO) 0.7931 1.2570 0.7314
Previous Week High (PWH) 0.7963 1.2779 0.7335
Previous Week Low (PWL) 0.7807 1.2557 0.7223
Top Weekly ATR (tWATR) 0.7998 1.2662 0.7376
Bottom Weekly ATR (bWATR) 0.7864 1.2479 0.7252
Other significant levels 0.7800, 0.7950 1.2570, 1.2670 0.7300, 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:

AUD/USD: Daily

AUD/USD 1-hour Forex Chart
AUD/USD 1-hour Forex Chart

Is AUD/USD about to start an uptrend? The pair found support just above the .7850 handle and it looks like it’s headed for its previous highs.

The bounce could be the retracement that I’ve been waiting for on the higher time frames, so I’ll be on the lookout for possible signs of sustained uptrend from the Aussie. There are barely any catalysts lined up in the forex calendar this week, so we might see a bit of sideways price action before the pair chooses a direction.

USD/CAD: 1-hour

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

The downtrend continues for USD/CAD! This time around it’s about to pop up from a descending channel support on the 4-hour time frame. In addition, there’s a bullish divergence supporting a move higher.

I’ll wait for possible signs of trend continuation if and when the dollar hits the channel resistance. Canada will print its retail sales report tomorrow and Uncle Sam will publish its crude oil inventories on Wednesday, so the pair might see a bit of volatility coming its way over the next couple of days.

NZD/USD: Daily

NZD/USD Daily Forex Chart
NZD/USD Daily Forex Chart

Last but definitely not the least is a possible head and shoulders pattern on NZD/USD. Price just bounced off the .7250 support and is about to hit the top of a “shoulder” near .7350.

Stochastic is in oversold territory, so we might see a bit of bullish pressure before the pair sees any downside action. New Zealand isn’t printing any major data save for the trade balance report, so I’ll keep close tabs on risk sentiment for clues on the pair’s direction.

Cheers,

Happy

See also: Q2 2017 Trading Performance Review

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