AUDUSD Forecast and Trade Setup for the week 26th May, 2014
Weekly Chart
- Based on the Ichimoku Clouds, we saw a strong bearish reaction as market tried to retest the highs / clouds (acting as resistance)
Daily Chart
- On the Daily Chart, I have not used the clouds however we are trading into the clouds (possibly acting as support)
- We broke out of the bullish Channel and formed a Double top
- Have drawn a descending trendline from the Oct 2013 highs
- This could possibly it for the bullish trend, and could possibly continue the bearish run
Hourly Chart
- We have had a significant sell off on the Aussie last week, and with the analysis from the other higher time frames, It would be wise to sell any pull backs
Outlook Trade opportunity
Short order at the Resistance / monthly pivot zone
Risk Level LOW
Tips -
Always take note of any economical news event on our provided calender below
USDJPY Forecast and Trade Setup for the week 26th May, 2014
Daily Chart
- Last week we have seen a bullish Pin bar candle from an important Support level which had provided some bullish momentum
- there was also a stochastics bullish divergence
- Having said that, I do not like the fact that the support zone has been tested too many times and it does hint to me it will break the support as all the buy has been filled
- we have the Ichimoku clouds and trendline in a strong resistance area which may limit the upside
Hourly Chart
- Using Ichimoku study, on the H4 chart we are trading above the clouds suggesting of a bullish trend.
- should take note that it only broke through a thin ichimoku clouds (which could give a false signal)
- Currently we are flirting around the Support and Resistance zone and if we managed to bypass that to the upside then we may see it retest the 102.50 and which comes with a very strong resistance together with confluence of 88.6/50 fib and monthly pivots and weekly R1 pivots
- If so, this could be a potential bearish cypher (sorry didn't illustrate the chart with the triangles)
Outlook Trade opportunity
Although last week we see a bullish pin bar Daily candle from major support, this support to me is very exhausted. I would be bias to be on the short side of this pair.I would have a short order around the 102.50 and i also have a scalp trade just around the 102 figure due to a lower timeframe chart setup
Risk Level LOW
Tips -
Always take note of any economical news event on our provided calender below
