AUDUSD Forecast for the week 20th January, 2014
Daily Chart
- We have broken a main support last week after rejecting the monthly pivot level
- A retest of which now as resistance would be a good entry for trend continuation down
- Forecast support is at the 127.2fib ext which also is the Monthly S2 pivot at 0.862
4H Chart
- We are hoping the market would retrace to around the 50% (127.2ex) or 61.8 (161.8ex) so we could go short
Outlook Trade opportunity
Trade opportunity to go short and follow the trend is shown on the H1 Chart
Risk Level LOW
Tips -
Always take note of any economical news event on our provided calender below
USDJPY forecast for the week 20th January, 2014
Daily Chart
- Based on the daily chart, Price action clearly rejected from support with a bullish englufing candle
- Potential for new highs
4h Hourly Chart
- There is a slight divergence on the stochastic
- Asian Session started lower, and found support at the 50% retrace
- Trend followers should consider going long from here
Hourly Chart
- The 50% retrace level, is also a confluence of fib ext 127.2 from recent swing down (retrace leg), if this level fails, the 61.8% is next support (and 161.8 ext)
- Next potential strong resistance is at the 106.-106.200 where we find many confluence of fib ext levels - Counter trend setup
Outlook Trade opportunity
Opportunity to go long following confirmation in Daily chart. (Please see H4)
Another opportunity is a counter trend trade which probably won't be this week, however would setup a sell order at the projected major resistance level (please see H1 Chart)
Tips -
Always take note of any economical news event on our provided calender below
