AUDUSD - Forecast and Trade Setup for August, 2015

AUDUSD - Forecast and Trade Setup for August, 2015

Weekly Chart

• Last weeks candle shows bullish action from a significant level / support
• Previous Support 
• 50% Fib from last decades move
• 261.8 fib ext of last years range
• Ascending trendline (From monthly)

Daily Chart

• Daily Candle from Tuesday managed to close above the Tekan- Sen

Hourly Chart

• H4 - Broke through bearish Ichimoku Clouds
• Forecast is bullish clouds

Outlook Trade opportunity

Near term momentum is on the bullish side - From my previous post, i have suggested to look for long opportunity at the strong support level. I will be targetting approx the 0.74800 as a partial take profit, and perhaps aiming for even the 0.75-759

For this week
I would suggest to wait for price action to break and stay above 0.743 and look for continuation

Risk Level Low

Tips -

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