AUDUSD Forecast and Trade Setup for 1st August, 2014

AUDUSD Forecast and Trade Setup for 1st August, 2014

Daily Chart

• Bullish Cypher
• Approaching 78.6 fib and support (on a H4 TF)
• note support is not huge, on the daily tf, however
• Possible bounce here as it could be a retest of the broken descending trendline
• On the H1 TF - there is positive divergence on Stochastics, MACD, and RSI

Outlook Trade opportunity

Drill down to a H4 Timeframe for a bullish candle pattern for a long trade as the selling momentum is quite strong, and with the NFP tonight, a on par or slightly positive data would make the aussie fall even further to the daily chart support

Risk Level HIGH

Tips -

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