NZD/USD is going through a decline from the last week, but I think it is still possible to sell the pair. Both MACD and volume are providing bullish signals. As the pair has reached the 100 percent retracement level, targeting 61.8 percent fib level will not be a bat trading idea. However, I also have noticed a buy signal in the 4 hour chart. Deciding which one to choose is very hard at this moment. Let’s wait and see what happens.
On the other hand, USD/CAD found a strong support at 1.0500 for the past few weeks. As the pair is circling around this level right now, it could be an ideal setup for a long trade. By showing oversold status, stochastic is also supporting a buying decision. I have found a channel on another pair, the NZD/USD. The bottom of the channel has been holding firmly. The question is, how long the support will hold and whether the channel will break. A Symmetrical triangle on the AUD/USD chart is also taking a test of the support level for this pair.
The economic calendar of Alfa Trade shows that USA has some important news events due this week. Along with some major housing numbers, PMIs are scheduled for this week too. Canada is also set to release its GDP report on this Friday. In any case, I am being very careful in making any of these trades. Without a strong signal or confluence, I am not going to make any trades on these setups. Thanks for reading Randy Moore’s blog, see you next week.
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