AUDUSD Forecast and Trade setup - Thursday 29th Jan, 2015
For today - perhaps going against the trend gives a good trade idea. however, a much better trade idea for medium term / swing gives a better opportunity.
Weekly Chart
- Note weekly candle has not closed, so look at the candle prior
- A very convincing bearish candle closing breaking support zone
- Next support zone is around 150-200 pips away
Daily Chart
- Targets of 0.77 is on the cards,
- short term we should see a retrace towards the 0.815-0.82
Outlook Trade opportunity
On all time frames, Monthly, Weekly , Daily, H4 - its all bearish (ichimoku).Swing / Medium term trades -
I'll be looking at a opportunity to go short when prices retrace towards 0.815-0.82 , and have targets towards 0.77. ( 3:1 reward to risk)
For shorter term trades
Going against the trend today might be a good idea, as the risk in terms of pips is low, and a Potential Bullish Cypher pattern is drawn out, where currently price is flirting in the 78.6 fib level.