AUDUSD Forecast and Trade Setup for the week 3rd March, 2014
Monthly Chart
- Positive Divergence on Stochastic
- Last month Candle ranges are similar to January - (but closing higher)
Weekly Chart
- Weekly Candle still slightly bearish
- Ichikumo Line is flat (blue line), which usually attracts prices there (in this case higher)
Daily Chart
- Thursdays Candle was pin bar from minor support of fib level of recent support, however Friday's candle was negative, but did not penetrate lows of Thursdays Candle
- We can still be bullish from the support, however it would not surprise me if prices go lower to test the marked level of support which we never retested after we break out, and from there if perform a bullish candle, the reward is excellent
Hourly Chart
- Market is trying to push lower, however we are again trading at minor support which performed a pin bar reaction on Thursday. If this penetrates lower, prices should stall and rebound from the area marked on the chart which should be quite easy to see why.
- Major Support and never retested after breakout
- 127.20 fib ext from recent swing high to low
- Overlapping Fib of 61.8 and 50 (which are very strong fib levels)
