AUDUSD Forecast for the week 8th April 2014 - Has Cypher been activated yet?

AUDUSD Forecast for the week 8th April 2014 - Has Cypher been activated yet?

• The reversal zone has been touched slightly last week
• Bullish momentum is strong

Monthly Chart

• Obvious Stochastic Positive divergence
• Near Resistance

Weekly Chart

• Stochastics is overbought territory but still rising
• RSI is also pointing upwards
• Last week Candle is a small bullish hammer closing higher than its previous huge bullish candle
• However candle body is small

Daily Chart

• Bearish Cypher zone has been touched slightly last week, however prices managed to creep back up
• There is a possible divergence, but would like to see a higher high perhaps to the 0.935

Hourly Chart

• Technically Chart is showing that bulls are in control and pushing prices to the high 0.92, and if we manage to trade there, a high chance we will break to the upside to test its 0.935 which in terms of Fibonacci it has very strong level and confluence
• Flip side, if we get a fail rally (currently Tuesday Asian Session), Looking to see a break of the ascending trendline to go short (for scalp / intraday trades)

Outlook Trade opportunity

I would like to see price shoot up towards 0.935 and drill to an hourly to look for a shooting star candle pattern and take a short, otherwise if prices to fail to go above 0.93, would look for break of ascending trendline to go short

Risk Level LOW

Tips -

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