AUDUSD Weekly Forecast and Trade Setup for 24th March, 2014

Monday, March 24, 2014

Note - the small Daily Candle is actually a Sunday (my brokers Timezone)

After the news from the FED it performed a bearish day last Wednesday, However market performed a bullish pin bar on the following day, and the bullish momentum did carry on till Friday
Also the Major crosses to the USD, the Aussie was the most resilient.
Most importantly we have had already couple of days which we are closing at this strong resistance (Monthly Pivot R1, and this weeks Weekly Pivot), This shows to me that there is still strength to the upside
I believe there is one more leg up towards the 0.92-0.925
There is a ascending channel which we are in
Note that there is this harmonic pattern (cypher) which completes around 0.93

Chart is taken around noon Asian session (monday) - you will see the 4hr pin bar (news affected sell off but rebounded)
The Ichimoku clouds on the 4hr, is not far away, and could provide resistance to push the market to trade above 0.91

Retail Forex Trader Analysis and Trade Setups by Howard Tsang - Australia