$AUDUSD Midweek Update -Possible 3:1 Reward to Risk - 18th Feb, 2015
Daily Chart
- Tuesdays Piercing Line Daily Candle pattern - Bullish sign
- Closing price was the highest for the current month
- Ichimoku Kijun-sen is flat - which usually indicates that price should attract near or to that level
Hourly Chart
- 4hr Ichimoku clouds broken - A sign that a change of trend to the upside.
- Any pull back in the coming days if we are still in this range, the support should be found at the weekly pivot / 38.2 fib
Outlook Trade opportunity
For late comers or accumulation - Any pullback towards the 38.20 fib / Cloud retest / Weekly PIvot targetting 0.80-.81 area is possible giving around 3:1 risk reward.
Risk Level Low
Tips -
Always take note of any economical news event on our provided calender below
$AUDUSD Trade Setup and Forecast for the week 16th February, 2015
Weekly Chart
- So we have ended the week with a Doji Candle pattern which is an indecision candle and usually suggest a potential price reversal
- Previous week we had a small spinning top candle at the support
- Two reversal type candles here, and reversal looks more likely
Daily Chart
- Two hammer candle formation at the support perhaps this is a double bottom.
- RSI positive divergence
4 Hourly Chart
- Ichimoku clouds was suggesting slight future bullish , and we are probably going to attempt to break the clouds early next week
- There is two possible trades with this
- long - targets towards 0.78-79, you could buy at the breakout and retest or you could open a long at the open
- Short - if prices to rally to my price target, there is a Bat pattern formation which confluence a supply zone and resistance area.
Outlook Trade opportunity
Long - Targets 0.78-.79
Short - Short at around 0.79 with the Bat pattern
Risk Level - Low
Tips -
Always take note of any economical news event on our provided calender below
