AUDUSD Forecast and Trade Setup for the week 10th March, 2014
Weekly Chart
- The Ichimoku line is flat suggesting price is likely to attract there (ie. bullish)
- however the stoch's indicator has crossed crossed
Daily Chart
- We finally have broken out of the Daily Ichimoku Clouds and managed to close two days above it.
- Stochastics is also crossing suggesting overbought scenario
- You will see that i have a potential Cypher pattern at around the 0.93 handle
Hourly Chart
- Today I would be looking for reaction on the 38.2% and 50% fib level for price action to react from those areas looking for continuation to the upside
- at the 38.20% fib, there is the daily s1 pivot confluence
- If we travel more south, the 50% is at few pips below Daily S2 pivot and few pips below the 23.6% fib of the Low to last weeks high.
- We also have the weekly pivot approx 10-15pips below the 38.20 fib level (not shown on chart)
Outlook Trade opportunity
- Hourly Chart- Possible cypher identified last friday
