EURCAD Trade Setup for 7th January, 2014 (Tuesday)
I don't usually analyse this pair, however with some Ideas produced from some friends in my Live Analysis Room (#fxroom). I thought it would be beneficial for me to draw something on the chart so I can visualize whats in play ! I'll be looking at this closely as it is retesting the pivot. (Asian session)
After a pin bar from friday pointing bullish strength, we could argue we have a bearish engulfing, however zoom into the hourly chart below...
Hourly Chart
Tested major support and physiological level (under 104) last night, and rebounded, seems to have completed a b-c leg, and should break upwards.
Outlook Trade opportunity
Long for this C-D leg with stops 103.850 - Targeting new highs at the 106 handle, and taking partial profit at recent highs. You can wait for confirmation to form a higher low before going on
Risk Level -Low - good reward risk ratio
Tips -
Always take note of any economical news event on our provided calender below
AUDUSD Daily and Weekly Forecast for 7th January 2014 (Tuesday)
Daily Chart
We have been getting higher lows and higher highs in this corrective move
Trend is Bearish
Currently Stochastic is diverging, however RSI still going up and is below 50
Our forecast is for the Aussie to go up to 0.90300 before continuing down creating new lows.
Hourly Chart (4h chart)
Last few days is showing an up trend
Currently Stochastic is diverging
We believe we have one more push (completion of b-c leg, before the C-D leg down)
Outlook Trade opportunity
#1 Long setup opportunity with a low risk high reward - Please see 4h chart for trade recommendation #2 Short setup - Please see 4hr chart for trade recommendation
Risk Level LOW
Tips -
Always take note of any economical news event on our provided calender below
