Wednesday, March 12, 2014

AUDUSD Update 12th March, 2014

AUDUSD Update 12th March, 2014


Daily Chart and H4 Chart


  • Daily, we are hanging in the upper side of the clouds (barely)
  • Strong bearish momentum after the highs from last week (Giving back more than half of last weeks gain)
H4
  • During Asian session, price held at the 38.2% fib level of the swing from the low
  • A 78.6 fib retrace is a confluence of a 161.8 fib ext of the first swing of the retrace which gives it more strength for a bounce scalp trade


Outlook Trade opportunity

H4 - I would be looking closely at the 78.6 fib retrace today for a potential scalp
*Important Data is out tomorow

Tips -

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