AUDUSD forecast and trade setup for the week ending 27th June, 2014

AUDUSD forecast and trade setup for the week ending 27th June, 2014

Daily Chart

• Flag formation type pattern with price breaking to the upside potential
• Last week we produce a bullish engulfing candle hinting more upside is to come potentially breaking current resistance
• MACD is in bullish territory

Hourly Chart

• Very bullish price action last week so if price retrace to the confluence level (0.93650) 61.8 fib and 161.8 fib extension we could initiate a long position when looking on an H1 / 15min chart
• Note this weeks pivot has not reflect on the charts at time of posting, so if a weekly pivot or daily pivot falls in the same area, it will build a stronger case
• This area is also a top bottom / (previous resistance) on an H1 chart

Outlook Trade opportunity

As per Hourly chart -

Risk Level Low

Tips -

Always take note of any economical news event on our provided calender below