AUDUSD Daily Outlook for 16th December, 2013 (Monday)

AUDUSD Daily Outlook for 16th December, 2013 (Monday)

Daily Chart

On Friday we saw the aussie recovered very little from the lows, and the trading range was small. My view for this pair is that it will go lower to the 0.87 in the medium term.

It seems we maybe due for a correction to test the 0.90 and maximum to the 0.92 area then we will start heading south again

Hourly Chart

After a big fall on Thursday, we recovered very little , around 38% , currently at the 38.2 retrace.

We believe the possibility of finding new lows this month is more likely.  Stochastics on the hourly shows its overbought 

• Overbought stochastics
• Trading under .90 again since august 2013

Outlook Trade opportunity

We are looking to enter short during this times as i believe there is momentum to the downside to find at least 88.90 (august lows).
#1 - Short at around 0.89900 - 0.90200 - Have multiple TP levels at fibonacci levels / Daily pivot.

This trade has a risk that we are trading in a reversal zone , because on the daily, there have been three wave down, and looks like we are in a correction / reversal.

Risk Level __HIGH

Tips -

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