AUDUSD - Bigger Supply and Demand area to watch out for

AUDUSD - Bigger Supply and Demand area to watch out for

Hey guys, happy new year!

Just a quick update on how Aussie is travelling

Earlier today we had a range to trade a supply and demand area, now it looks like its going up to look for an area which is FRESH.

Earlier I took the one below, however price action seems to be pushing higher, and because this level never been retested, it proves a higher chance to do so!

happy trading!

AUDUSD Daily , Weekly Outlook for 30th December, 2013 (MONDAY)

AUDUSD Daily , Weekly Outlook for 30th December, 2013 (MONDAY)

Weekly Chart

• Trend is Bearish
• Stochastics is oversold but flat
• RSI pointing slightly down and above 30
• At a important level of support

Looking at the weekly, it seems oversold, however further downside is more appealing.  

Daily Chart

• Trend is down
• Stochastic is pointing down
• RSI is around 30

Base on the Daily chart, I cannot trade it at these levels, Indicators are pointing lower , as the upside is limited as we previously tested last week. We will wait for the market to tell us what to do.

Hourly Chart

• Trend is Down
• Stochastic pointing up
• BAT pattern , however upside limited

By the time i wrote this, I am too late to join the bat pattern play. On the upside resistance come at the 0.88720 and 0.8890, If market reaches there, we could have a short position.

Outlook Trade opportunity

Risky trade to hold longer times , so better trade scalps
#1 - Short from 0.8872
#2 - Short from 0.8890

Risk Level High

Tips -

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