AUDUSD Daily outlook for 6th December, 2013
Daily Chart - Still looks very bearish
- We recovered around 50% of the drop from the previous day
- At the time of writing, its one hour before the daily candle closes (NY time) - it is trying to close back above 0.90600
- Should take note of the Divergence happening on stochastics
Hourly Chart
- Yesterday It retested the lows at 0.90 and bounced back and if looking at a 4hr chart it shows a ‘bullish engulfing candle’ which brings is back up from previous resistance which now support (clinging on)
- Holding desperately at 0.9060 level
- If looking at daily pivot level, it is showing good signs it can hold at late hours of the day
Outlook Trade opportunity–
At this level trading is high risk because the current level is messy. If 0.9060 holds with good conviction, will go long up to 0.90870 (61.8% retrace).
- Going against the trend, however few indicators confirming
- Divergence in daily
- zoom into 4hr chart we can see a bullish engulfing candle, followed by a doji
*Please take note the 50% / 0.9070 retrace level is another barrier to pass.
*IN the Hourly chart, we are in the ichikumo clouds so risk is higher, however to trade today, will zoom into 15min / 30min
Risk Level – High
Actually looking at it, i think there is potential for market to test 0.90465 and go long.
ReplyDeleteCheers
Lucky for my correction of my prediction on testing 0.90465 before going long.
ReplyDeleteI took this trade, was a tough one my stop loss was just few pips away - phew!
Manage to exit the trade safely with 10 pips profit on the safe side. however Potential 18pips profit at the time of writing this comment