Sunday, February 2, 2014

AUDUSD Forecast & Trade Setup for 3rd -7th Feb, 2014

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

Risk Level LOW


Tips -

Always take note of any economical news event on our provided calender below



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