USDCHF Forecast and Trade Setup for the week 12th May, 2014
Weekly Chart
- A very clear signal from the Bullish candle from a strong support showing perhaps we could go on a bullish trend? This is in conjunction with
- Break of Bearish chanel and the retest shows a strong reversal signal as well
Daily Chart
- A false break of a newly developed bullish channel with a very good strong bullish candle from support
- As well as bearish clouds are thin and with the strong bullish momentum looks like it will break
Hourly Chart
- As per Daily and Weekly, bullish momentum should continue to at least the Monthly pivot, before a retracement perhaps before breaking the MR1
Outlook Trade opportunity
Long
Risk Level Low
Tips -
Always take note of any economical news event on our provided calender below
AUDUSD Forecast and Trade Setup for the week 12th May, 2014
Weekly Chart
- The week before produced a Doji Type Candle suggesting bullish to continue, The market did react to it and performed a positive week.
- Looking forward, my bias on the weekly chart is the chances of further highs is a potential (trading into the Ichimoku Clouds but not passing through the edge of the clouds).
- I would be eying on short opportunity if prices to get to the confluence level of 88.6 fib and 50% fib which is also the edge of the bearish clouds on the weekly chart. (Not to mention the s/r Zone if you look at the Daily as well)
Daily Chart
- The Daily chart is also bullish for me, however I see a potential short trade opportunity at the confluence levels noted on the chart
- This also could perform a negative divergence on the stochastic (maybe)
Hourly Chart
- The H4 chart looks interesting, there could be a double top / near double top if you just look at this screen shot
- Having said that, on the daily chart It seems practical if we take out the 2014 highs before continuation of the downtrend (which is in sync of my analysis in both daily and wkly)
- Although my daily and wkly analysis does not agree with the H4 , i still would be interested to short it on the H4 as its a good S/R trade as well if it does get there.
Outlook Trade opportunity
Short at the H4 chart
Potential Long break 2014 highs on Daily / Wkly
Potential Short on Daily and Wkly after new highs
Risk Level __
Tips -
Always take note of any economical news event on our provided calender below
