$AUDUSD Trade setup and Forecast for the week 16th March, 2015

AUDUSD Trade setup and Forecast for the week 16th March, 2015

Comments from Last week Analysis:

Last week the aussie gave us new lows and broke support, this quickly regained back above broken support and had a daily close above. From my previous weeks trades This had stopped out on my long trade which was targetting 0.795.

Weekly Chart

• Looks heavy, however, RSI is showing very slight divergence

Daily Chart

• If you zoom into Thursday's candle, it has a huge bullish candle recovering previous two days losses
• This also reacted to me as a false break and also holding by the Weekly S2
• And also a 127.2 fib extension
• RSI positive divergence

4 Hour Chart

• I shall be taking a long if i see a break on the trendline / ichimoku clouds to the upside
• Taking long opportunity because of the Thursday false break giving a big bullish candle

Outlook Trade opportunity

For bulls : - Take long either at the break of trendline or ichimoku to the upside

For Bears : If last weeks lows break and close below, happy to take short targetting 0.735 approx

Risk Level - Medium

Tips -

Always take note of any economical news event on our provided calender below