AUDUSD Daily outlook for 5th December, 2013

AUDUSD Daily outlook for 5th December, 2013

Daily Chart  - Still very bearish with a huge bearish candle yesterday

• Still looks very bearish although it is very oversold,
• Will be an interesting day today to see how it will hold the 90 level

Hourly Chart – Bearish

• Yesterday broke though good support 90.60 and continued to the downside with good conviction
• Tried the 89 level and quickly bounced back up

Outlook Trade opportunity–

Market should retest the 0.9060 level and will be interested to short there

Risk Level – Low

USDJPY Daily outlook for 5th December 2013

USDJPY Daily outlook for 5th December 2013

Daily Chart  - Bullish trend – however bearish engulfing candle to take note – bearish possibility!

• Market is in a bullish trend however the steep trend line is breaking and with few factors
• Bearish engulfing candle

Hourly Chart – Start of a bearish trend

• Seems to have found support last night at the 23.6% (oct 27 low to high) / S1 Daily pivot
• Currently showing rejection on the 61.8% retrace / Daily pivot area / Daily Trendline

Outlook Trade opportunity–

Asian session – Short at daily pivot / 30min ichikumo clouds

If market goes up to test yesterdays Daily pivot / hourly ichikumo clouds and see clear rejection from there , very good short opportunity and potentially break the support of 102 level

Risk Level – Low to Medium

AUDJPY Daily Outlook 05th December 2013

AUDJPY Daily Outlook 05th December 2013

Daily Chart  - Bearish / but clinging to support,

• In the ichimuku blue cloud trying to cling on support at 38.2% retrace 92.435
• Broke the rising wedge, and retested the wedge with good conviction rejection
• Signs show of continuation of the downside

Hourly Chart – Two ways

• Trading below clouds
• After breaking through the 92.230 / 38.2% retrace level, There is strong pin bar last night at 91.725 and had quickly found support back at 38.2% - which possibly is a false break
• There are few recent hourly candles showing rejection from the 61.8 retrace from the yesterday recent swing high to low, and market also rejected from the major support at 92.230 on a quick test early Asian session.

Outlook Trade opportunity–

Asian session – zoom into 30min chart, will look for short from the confluence level of pivot daily / 61.8% /92.52 / ichikumo clouds

More ideal scenario, is to wait for market to go back up to test todays pivot / yesterdays S2 pivot and look for clear rejection, then ride it down again to support

Risk Level – Medium to High