$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-.79Short - Short at around 0.79 with the Bat pattern
