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
AUDUSD - Weekly Forecast and Trade Setup for week ending 3rd of July, 2015
Weekly Chart
- The week ended negative, closing at the lows of the week prior. With the bearish momentum, I would not be suprised for continuation and breaking recent lows (this would be the fourth touch if so)
- Ichimoku - Bearish
Daily Chart
- Candles for the whole week has been closing below the kijun and tekan line, pointing to a weak aussie.
- Friday's candle has given a hint of trend continuation to the downside
- Ichimoku - Bearish
4 Hourly Chart
- Very clear 4hr candle breaking the trendline and also support
- The yearly low / Support of 0.755 - My view will be easily broken due to earlier this year it had been tested three times, which means most buy orders had been filled - hence a very weak level.
- Perhaps new lows in the coming week or two?
Outlook Trade opportunity
My short term trade idea from last week (of bullish), had failed. However for the longer term trade idea, this is working in favor so far.
Short term i am aiming for 0.7600 as i have opend a short trade last friday
Long term - target 0.70-0.72 (50% fib retrace of the decade)
Risk Level __
Tips -
Always take note of any economical news event on our provided calender below
