$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