EURAUD Trade setup and Forecast for the week 2nd June, 2014
Weekly Chart
- Weekly Stochastic are giving me a positive divergence.
- Depending how you see it, you can argue that there is a head and shoulder pattern, - although i see that, i am bias towards the upside because we did break some serious resistance, and if market is to continue to the downside, i believe market should try to test the 1.6
Hourly Chart
- Although i identified this pattern few days late, (i only came across this chart today), this setup is very juicy with low risk and good rewards.
- any retrace, would consider a long trade
- If i were to see this potential setup i would of had a pending at around the 78.6 / 88.6 with stops 10 pips below the X leg (100 fib)
- If trade was to get stopped out, the next support i would look at the weekly chart of my 78.6/88.6
Outlook Trade opportunity
H4 Long
Risk LevelLOW
Tips -
Always take note of any economical news event on our provided calender below
AUDUSD - End of Week Update Forecast and Trade Setup
Daily Chart
- Daily Chart could still have the potential to test the upside towards the 0.95 / 78.6 fib and could fall from there
- There is however slight negative divergence on the stochastics
- Ichimoku Clouds - Trading above but inside clouds (Bullish)
Hourly Chart
- H4 Chart is coming close to resistance zone / weekly pivot and 61.8 fib which in this case could be the golden fib for trades because of the setup of confluence.
Outlook Trade opportunity
As per analysis earlier in the week, I prefer to sell on pullbacks (therefore look at my h4 chart)
Risk Level LOW
Tips -
Always take note of any economical news event on our provided calender below
