AUDUSD Forecast and Trade Setup for the week ending 15th August, 2014
Weekly Chart
- Negative Divergence on the stochastic from minor resistance on weekly chart
- Following a shooting star pattern, we followed with a lower low last week confirming possible bearish near term
- Ichimoku Clouds are turning into a bullish forecast (not shown on chart above)
Daily Chart
- Huge bearish engulfing day on thursday
- Small Pin bar candle (small compared the previous huge engulfing)
- Bearish Forecast with ichimoku clouds turning
- RSI is negative
- Note next major support is a good place to buy
Hourly Chart
- Clearly Rejected the clouds and Resistance
- Bearish outlook still
- Slight MACD position Divergence
Outlook Trade opportunity
Possible Scalps to the long side could be on the cards as there are price action confirmation from a fib support level, , and with the H4 Positive Divergence on the MACD, gives it just enough of a reason to look for long scalp trades.On the other hand, Day Trades could wait for price to retrace to confluence fib /pivots and price action to react to enter to the short side targeting the next support