AUDUSD Forecast and Trade Setup for the week 26th May, 2014

AUDUSD Forecast and Trade Setup for the week 26th May, 2014

Weekly Chart

• Based on the Ichimoku Clouds, we saw a strong bearish reaction as market tried to retest the highs / clouds (acting as resistance)

Daily Chart

• On the Daily Chart, I have not used the clouds however we are trading into the clouds (possibly acting as support)
• We broke out of the bullish Channel and formed a Double top
• Have drawn a descending trendline from the Oct 2013 highs
• This could possibly it for the bullish trend, and could possibly continue the bearish run

Hourly Chart

• We have had a significant sell off on the Aussie last week, and with the analysis from the other higher time frames, It would be wise to sell any pull backs

Outlook Trade opportunity

Short order at the Resistance / monthly pivot zone

Risk Level LOW

Tips -

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