The AUD/CAD is up against channel and Fibonacci resistance just below the 1.0200 level. For those looking to play short with a good and manageable risk/reward, this could be a good set-up. Personally, I just took advantage of it myself near current levels.
Blake Morrow
Chief Currency Strategist, Wizetrade
Disclaimer: I just sent short at current price earlier this session.
A commodity currency attempting to fly under the radar (with the emerging USD strength) is the USD/NOK. The pair is coiled up in a very tight range on the 4 hour chart. With the fall in the CAD, NZD and AUD I would expect the USD/NOK stages a rally, especially if the USD index closes above 81.00 today.
H/Y for Allen F for bringing to my attention today on the Morning EDGE webinar today.
Blake Morrow
Chief Currency Strategist, Wizetrade
The EUR/AUD FINALLY completes a H&S pattern, that went into play late March of this year.
Notice the divergence in relative strength (RSI) on this last low (today). This pair is poised for an oversold bounce after completing long term pattern.
Blake Morrow
Chief Currency Strategist, Wizetrade
The AUD/USD has a head and shoulders set up with the neckline at .9320. Right shoulder resistance is at .9440’s. With the event risk this week (CPI tonight and China HBSC PMI tomorrow) there is a good chance we either break the neckline, or stage a bullish breakout in a strong multi year downtrend (red trend line near .9500). Either way, the AUD/USD is set up to make a move in the coming week(s).
Blake Morrow
Chief Currency Strategist, Wizetrade
Disclaimer: I am short the AUD/USD for the last week near current levels.
The USD/CAD has pulled back to levels that I typically start looking for entries. “Back testing a broken trend line (blue)” and also testing an “uptrend line (yellow).” also, just around the 1.0600 level we have a 38% retracement. I suspect a bounce in close in this pair.
This is a monthly chart, btw.
Blake Morrow
Chief Currency Strategist, Wizetrade
Disclaimer: I have been slowly building a long position this week.
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