AUDUSD Forecast and Trade Setup for 5th February 2015
- Reversal signal from weekly support level
- 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
- Tuesday's Daily close gave us a very nice hammer formation from the expected level and also from a Weekly Pivot S1
- 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 opportunityLong 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.