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
- This was followed from the previous two weekly candle's bullish candle pattern signal.
- 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 tradeFor 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.
