AUDUSD - Trade Setup & Forecast for the week 17th Feb, 2014

AUDUSD - Trade Setup & Forecast for the week 17th Feb, 2014

The Aussie did fill my short setup and got our 1:1, however it had recovered all of the drop, so where is it heading? 

Daily Chart

• Trading into the clouds
• Next major resistance is the fib level 38.2
• Stochastic Negative divergence

Hourly Chart

• 4hr ichikumo clouds is bullish (daily is bearish and trading in the clouds)
• MACD negative divergence
• The next move for the aussie is important, - as currently we have a minor support at 0.90030, if this holds, we will see further upside, and if it fails, then our bearish targets should be met.

Outlook Trade opportunity

We are still in our short trade (however i took partial profit when hit 1:1 last week)
NO further setups identified

Risk Level __

Tips -

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

GBPJPY Trade Setup & Forecast for the week 17th Feb, 2014

GBPJPY Trade Setup & Forecast for the week 17th Feb, 2014

Weekly Chart

After the pin bar 2 wks ago, bullish momentum respected the price action from the support and stochastic respecting this idea. MACD however is not in the same wave length , and is crossing into bearish

Daily Chart

• Trading into bottom of the ascending trend line which we broke - which could become resistance
• Trading into the 61.8 retrace and if we look at the ichimuko clouds, we are trading in the clouds but heading to the top of the clouds (resis)
• Stochastic is overbought

Heading into resistance , would look at opportunity to short

Hourly Chart

• Currently price is seeing some reaction from the 61.8 level however because this level is too close to the support, i am not comfortable opening short trades unless a quick scalp
• I have two short trades (blue and black), - blue is also a supply and demand trade

Outlook Trade opportunity

I would be looking at price action at both of these levels before placing counter trades. This is because price action wise it is still in a very bullish momentum.
If however prices goes to my sell area, macd and stochastic should be diverging which gives it more reason to short it (for a small profit 1:1 or 1:2)

Risk Level Medium And High

Tips -

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