$AUDUSD - Forecast and Trade setup for the week 23 - 27 February 2015

Comments from Last week Analysis:

Last week's bullish analysis for the Aussie worked out quite well, and my mid week report  for a pullback long entry at the 38.2 fib / cloud retest was a perfect entry, and currently is in profit if your still on it, or if you want to manage your risk, you can put your break even stops for a risk free look for higher.  

Weekly Chart

• Last weeks candle closed the week at the highs of the weeks range, and also the highest close for February.
• This was followed from the previous two weekly candle's bullish candle pattern signal.
• Ichimoku Study - Kijen-Sen is becoming flat, which usually attracts price towards it
• However we are still in a very bearish trend trading well below the clouds

Daily Chart

• From the five daily candles last week, there are two bullish candles, and both of the body of the candle is much larger in comparison to the 3 bearish (small body candle)
• I am identifying this because looking at the price action momentum moves, and from that I can see a slightly stronger bulls right now.
• I am still waiting for a larger thrust up to create the first significant move
• Ichimoku Study - We are trading above the Tenkan Sen and below the Kijun-Sen, so you could expect some sideway action around the 0.775-0.792
• Still below the clouds so still in a bearish trend on the daily

Hourly Chart

• Possible Double bottom formation - note that i said Possible, because the neckline has not been broken yet, and until the neckline is broken, then i could identify it as a double bottom.
• Ichimoku Study - We broke Ichimoku Clouds, so now in a bullish trend on the 4hr chart
• After breaking clouds, price retraced back towards the clouds and has rebounded strongly., which we are currently sitting at resistance, and closed the week near the resistance.
• Break of the resistance, should see 0.79-0.80

Outlook Trade opportunity

If we get a good break of resistance and price retrace back towards the breakout level, then a good place to go long and target 0.79-0.80 for the intraweek / intraday trade

For traders who don't want to go long on this pair, then wait for price to reach the 0.79-.80 for a rejection candle pattern, and go short.

Risk Level - Low

Tips -

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

$AUDUSD Midweek Update -Possible 3:1 Reward to Risk - 18th Feb, 2015

$AUDUSD Midweek Update -Possible 3:1 Reward to Risk - 18th Feb, 2015

Daily Chart

• Tuesdays Piercing Line Daily Candle pattern - Bullish sign
• Closing price was the highest for the current month
• Ichimoku Kijun-sen is flat - which usually indicates that price should attract near or to that level

Hourly Chart

• 4hr Ichimoku clouds broken - A sign that a change of trend to the upside.
• Any pull back in the coming days if we are still in this range, the support should be found at the weekly pivot / 38.2 fib

Outlook Trade opportunity

For late comers or accumulation - Any pullback towards the 38.20 fib / Cloud retest / Weekly PIvot targetting 0.80-.81 area is possible giving around 3:1 risk reward.

Risk Level Low

Tips -

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

$AUDUSD Trade Setup and Forecast for the week 16th February, 2015

$AUDUSD Trade Setup and Forecast for the week 16th February, 2015

Weekly Chart

• So we have ended the week with a Doji Candle pattern which is an indecision candle and usually suggest a potential price reversal

• Previous week we had a small spinning top candle at the support

• Two reversal type candles here, and reversal looks more likely

Daily Chart

• Two hammer candle formation at the support perhaps this is a double bottom.
• RSI positive divergence

4 Hourly Chart

• Ichimoku clouds was suggesting slight future bullish , and we are probably going to attempt to break the clouds early next week
• There is two possible trades with this
• long - targets towards 0.78-79, you could buy at the breakout and retest or you could open a long at the open
• Short - if prices to rally to my price target, there is a Bat pattern formation which confluence a supply zone and resistance area.

Outlook Trade opportunity

Long - Targets 0.78-.79
Short - Short at around 0.79 with the Bat pattern

Risk Level - Low

Tips -

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

$XAUUSD Gold Forecast and Trade setup for the week 9th February, 2015

XAUUSD Forecast and Trade setup for the week 9th February, 2015

Since my last trade setup from the 20th of Jan 2015, my short setup for the gold market was in my favor as it has worked out perfectly for a Cypher Harmonic Pattern which completed at a very nice 00 level and resistance level.

This week would be interesting after last Friday's positive US data pushing the gold even lower towards 1230's. Reflecting on the charts, the Weekly Candle and Friday's Daily Candle is quite bearish, and could perhaps have some momentum to go lower at beginning of the new trading week.
Lets see the charts and comments below:
Weekly Chart

• Quite a large bearish candle last week
• The Ichimoku Tekan and Kijun Sen lines should act as support
• The Clouds did provide some resistance last two weeks where the candle did pierce through the clouds and having two consecutive relatively small body candle 

Daily Chart

• Bearish Cypher did work perfectly from my post from 20th of Jan
• Friday's Candle looks quite ugly for the bulls, where we currently holding support at the 1230's and last weeks Weekly S2 pivot
• Ichimoku Clouds are still indicating a bullish future and if you see how price and the clouds had a huge gap / space... perhaps this retracement is needed
• Apart from the clouds acting as support, we do have an ascending trendline drawn in from last years lows .
• My view - still in a bullish bias, and possible sideway action to come

4 Hourly Chart

• Now the 4hr Chart does look ugly. however we do have the 1230 support and the Ascending trendline and don't forget the Daily Chart Ichimoku clouds...
• Note that I spotted some Positive RSI Divergence

Outlook Trade opportunity

For this week, there might be some sideway /ranging action if the 1230 support holds.

For Intraday / Scalps - Shorts favoured at around 1250

For Intraweek / longer term - Long Favoured - only if 1230 Support is holding or / false break is performed. If 1230 broken, then work with the 1200 level

Tips -

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

AUDUSD Forecast and Trade Setup for 5th February 2015

AUDUSD Forecast and Trade Setup for 5th February 2015

- Reversal signal from weekly support level

Weekly Chart

• Note that the weekly candle has not closed yet, however if it holds at these levels or higher it would be another strong indication for a reversal in the next few wks

Daily Chart

• Tuesday's Daily close gave us a very nice hammer formation from the expected level and also from a Weekly Pivot S1

Hourly Chart

• Zoom in the H1 / H4 charts, it has a classic reversal (Railway Tracks) from the support and weekly s1 pivot.
• H1 Ichimoku has bullish future ahead,  
• however thick Ichimoku clouds on the H4 timeframe should be noted 
• Also on the H4 - note that the tekan and kijun has crossed into bullish direction
• With the impulse leg , It is expected that it should reach next resis at 0.7868-.789 and then 0.795

Outlook Trade opportunity

Long targeting 0.7868 and 0.795

Also should take note of Gold Chart - If gold performs another low and rebound from 1240 and Aussie does not make a new low - it should give aussie bulls the advantage.

Risk Level Low / Medium

Tips -

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