08 Jan A Few From The Watchlist; NZD:USD NZD:CHF CAD:CHF
Euro aside, not a great deal has changed following the last couple of Weeks worth of analysis detailing trading set-ups that still remain pretty solid, most of which are still valid or have moves still in their infancy. To avoid going over that ground again, here I’ll cover a few possibilities from the watchlist where we can watch out for signs of trend changes as price reaches an inflection point.
So, here are a few charts for you to ponder over.
The overall trend definitely isn’t down anymore, but price has reached an important resistance zone:
I’ve definitely got a bullish bias where the U.S Dollar is concerned at the moment, but my current AUD:NZD short would indicate I’m not bearish on the New Zealand Dollar either. That makes this a tough call, more so as Friday’s candle found support on this falling trend line where a number of converging MA’s reside, yet an unfilled gap remains somewhat lower down. You need to make you’re own decision on this one!
Pretty much everyone knows I think CAD is going to weaken in the first half of this year, but when you put it up against an already very weak currency and then add to the fact we have a bearish engulfing daily candle and a high probability “Box Trade” set-up you have to wonder if it’s almost game over for this CAD rally! Personally, this chart tells me it will probably just be a pull back ahead of a later attempt to get back into the congestion zone, but still, a decent pull back is certainly a trade-able option here:
Just to re-iterate, these trading set-ups are lower down on my watchlist than some of those I’ve already discussed, but markets can change very quickly and these may offer some nice trades to fall back on as their intentions start to develop.