Happy new year everyone and welcome to 2016! This is the first week for me to open my chart and yesterday I started to trade my first position on AUDCAD. Also, I still hold another position on AUDUSD from mid-December.
Let’s start hunting for potential setup for this week.
Price on the AUDNZD has been moved lower, broke the daily support level and recently the price retrace back, gaining momentum upward to the previous important level. This previous level now acted as the daily resistance level. I will start looking for the opportunity to go short if there is any rejection candle in daily or intraday time frame.
AUDNZD daily chart
Another New Zealand dollar pairs that I watch closely. Price on the GBPNZD has been broke the daily support level and the price on this pair is on its way retrace back to the new resistance level. I’ve been identified 2 (two) potential resistance level and I will mostly looking for an obvious bearish price action on the daily time frame, even though there will always a chance for the price creates an opportunity on the intraday time frame.
GBPNZD daily chart
GBPNZD 4-hour chart
Price on the NZDCAD has been in the uptrend and it could create a great opportunity to go long. I’ve been closely watched 2 (two) level from which I will start looking for a long trade. In the past, the level that I’ve been watched hold as the important level. Price react several times and now the level act as the daily support level.
NZDCAD daily chart – zoom out
NZDCAD daily chart – zoom in