AUDUSD Forecast & Trade Setup for 3rd -7th Feb, 2014
Monthly Chart
- Monthly candle has lower lows, and looks very heavy
- Stochastic is diverging
Weekly Chart
- Pretty much similar to the monthly, looks heavy as we broke support and looking down to my blue potential reversal zone
Daily Chart
- A different story on a daily chart it seems we may have found support
- Friday's Candle shows a bit of bullish momentum starting
- Stochastics are diverging nicely
- Chart also shows a potential cypher pattern (bit optimistic outlook as it has to break through broken support which now is resistance
- Another trade which follows the trend like a stepping block is a retest of the resistance. and could short there for a scalp.
Hourly Chart
Outlook Trade opportunity
- A buy setup is shown in Hourly Chart
- A sell setup is shown (which is my optimistic cypher pattern)
- A trend follow stepping block style trade is drawn on Daily chart - however zooming in to hourly doesn't seem convincing, .. -
Note, although bearish overall view, the Friday Daily candle shows rejection from below, and with the last 4 hour candle action, it has closed at a minor resis area, so would need to let the market tell us its short term trend this week
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