AUDUSD Forecast and Trade Setup for the week 10th March, 2014

AUDUSD Forecast and Trade Setup for the week 10th March, 2014

Weekly Chart

• The Ichimoku line is flat suggesting price is likely to attract there (ie. bullish)
• however the stoch's indicator has crossed crossed

Daily Chart

 

• We finally have broken out of the Daily Ichimoku Clouds and managed to close two days above it.
• Stochastics is also crossing suggesting overbought scenario
• You will see that i have a potential Cypher pattern at around the 0.93 handle

Hourly Chart

Friday i identified potential Bullish cypher on the 15min chart 

• Today I would be looking for reaction on the 38.2% and 50% fib level for price action to react from those areas looking for continuation to the upside
• at the 38.20% fib, there is the daily s1 pivot confluence
• If we travel more south, the 50% is at few pips below Daily S2 pivot and few pips below the 23.6% fib of the Low to last weeks high.
• We also have the weekly pivot approx 10-15pips below the 38.20 fib level (not shown on chart)

Outlook Trade opportunity

- Hourly Chart
- Possible cypher identified last friday

Risk Level LOW

Tips -

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