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 0.75-759
For this week
I would suggest to wait for price action to break and stay above 0.743 and look for continuation
Risk Level Low
Tips -
Always take note of any economical news event on our provided calender below
AUDUSD Update - At major support - Last week of July 2015
Monthly Chart
- This is a monthly candle with two more days to go
- We have just hit major support
- Look at previous price reaction at this level
- Ascending Trendline drawn from the lows from 2000 and bounce from 2009, and possible bounce in 2015 ?
Weekly Chart
- Just another closer look at the level we are at, (Support) - note weekly candle not closed
Outlook Trade opportunity
So what does this mean? - I have exited my shorts for the Aussie and now based on yesterday's price action on the H4, from an expected support level, I have entered long with stops at the low . Looking for at least 1:2 (Risk to reward)
- Will exit once hit my target at shy of 0.74, and will reenter accordingly if bullish bias is to continue.
Risk Level - Medium
Tips -
Always take note of any economical news event on our provided calender below
