AUDUSD Forecast and Trade Setup for the week ending 29th August, 2014
Monthly Chart
- Monthly Chart we are trading very near the fat resistance zone
- However if we do break the resistance zone, a very near next resistance from confluence of fibs is there
- There is also the descending trend line channel
Weekly Chart
- Oscillators are showing upward momentum
- Will look at the RSI to break to the upside for a possible long
- Be Cautious as Huge resistance zone
Daily Chart
- Daily Candles from resistance is showing good support giving us a bullish outlook for the near term
- Again, looking for the RSI to break to the upside for a long
- On the otherhand, we have monthly pivot / resistance possibly stopping the aussie longs
Hourly Chart
- Just look at the chart... :)
Outlook Trade opportunity
Looking for scalp buy trades opportunity to monthly pivot
Risk Level LOW
Tips -
Always take note of any economical news event on our provided calender below
GBPUSD Forecast and Trade Setup for the week ending 29th August, 2014
Weekly Chart
- Still very bearish with No signs of reversal or pause yet
Daily Chart
- As identified previous weeks, of the potential cypher pattern, we are at the PRZ zone, however it is to note that its nearest resistant is quite strong especially with the huge downtrend
- Correct stops should be in place below the X (below the weekly S2)
- Lower Lows in price but RSI is not showing the same, (Positive Divergence)
- Could play the break of trendline on RSI
- Last week Broke support so need to be cautious
Hourly Chart
- Monday morning gaped down while on the 4HR chart at the really bottom of the support zone on my chart.
- 1st 4Hr candle is bullish to me,
Outlook Trade opportunity
While looking through my charts, I noticed that the DXY Dollar Index has reached a supply and demand zone and reacted from there, therefore it gives a long trade opportunity for the pound dollar for a intraday move and perhaps a longer hold trade (as per the Cypher on daily)
Risk Level - LOW
Tips -
Always take note of any economical news event on our provided calender below
