AUDUSD Forecast and Trade Setup for the week ending 15th August, 2014

AUDUSD Forecast and Trade Setup for the week ending 15th August, 2014

Weekly Chart

• Negative Divergence on the stochastic from minor resistance on weekly chart
• Following a shooting star pattern, we followed with a lower low last week confirming possible bearish near term
• Ichimoku Clouds are turning into a bullish forecast (not shown on chart above)

Daily Chart

• Huge bearish engulfing day on thursday

• Small Pin bar candle (small compared the previous huge engulfing)

• Bearish Forecast with ichimoku clouds turning
• RSI is negative

• Note next major support is a good place to buy

Hourly Chart

• Clearly Rejected the clouds and Resistance
• Bearish outlook still
• Slight MACD position Divergence

Outlook Trade opportunity

Possible Scalps to the long side could be on the cards as there are price action confirmation from a fib support level, , and with the H4 Positive Divergence on the MACD, gives it just enough of a reason to look for long scalp trades.
On the other hand, Day Trades could wait for price to retrace to confluence fib /pivots and price action to react to enter to the short side targeting the next support

Risk Level MEDIUM

Tips -

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