AUDUSD Forecast and Trade Setup for the week 06.05.14

AUDUSD Forecast and Trade Setup for the week 06.05.14

Daily Chart

• We continue to see bullish momentum after it was trading flirting around the 92-93 area which also was the bottom trendline of the up channel
• If new highs was to perform, my daily chart has indicated the potential resistance zone

Hourly Chart

• After a performing highs at the 0.94 we were in a small down channel where we had three lows swing movement
• significant break of the descending channel and also break of bearish clouds shows a pretty bullish AUD Strength
• I would be buying dips to test the 0.94

Outlook Trade opportunity

Buying dips before reaching 0.94 + potential setup for short above 0.94 (As shown on h4 chart)

Risk Level __

Tips -

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