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 0.75-759For this week
I would suggest to wait for price action to break and stay above 0.743 and look for continuation
