Retail Forex Trader Analysis and Trade Setups by Howard Tsang

AUDUSD Daily Outlook for the week ending 18th July , 2014

Recent Support is still holding quite well (0.93350) after the strong selling from two wks ago. Last week we did try to revisit the highs but a confluence of 61.8 and resistance zone has provided resistance to push down to sub .940

For this week, i shall look for market to retest the 0.94250-945 for a negative candle to evolve before taking a short.

Note - The Ichimoku clouds are thin which is a sign where the market could easily break the clouds and start changing the trend

Trend Filter	Daily	H4	H1
3 MA Cross	Bullish	RANGE	Range / No trend -
30SMA	Above however 30ma is slightly pointing down	Above	Above
50SMA	Above	Above	Above
100SMA	Above	Below	Above
Ichimoku	Bullish	Bearish	Bearish
SCORE	4/5 Bearish	2/5 Bearish	1/5 Bearish

Please see daily

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

We have had two huge negative days and with Thursday wiping off the gains from last week
I have noted the two scenarios - If support holds i believe a retrace to test the 0.94's is possible before further selling pressure
If we break the support with ease, i'll look for pull back of broken support to ride it down to next support level

We may start the week trying to retrace some of the losses last week, therefore i have noted the Resistance zone for possible short orders in green (which is also the pivot and 38.2 fib

Trend Filter	Daily	H4	H1
3 MA Cross	Bullish (however 30 and 50 is close)	Bearish (have not crossed but pointing south)	Bearish
30SMA	Below	Below	Above
50SMA	Holding	Below	Below
100SMA	Above	Below	Below
Ichimoku	Bullish	Bearish	Bearish
SCORE	1/5 Bearish	5/5 Bearish	4/5 Bearish

*This table is to help you determine your direction of trades based on different Time Frames.

Market could try to retrace to target 0.9390, and there we would look for selling signals from price action

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