AUDUSD Forecast and Trade Setup for the week 2nd to 6th March, 2015
Monthly Chart
- February close was higher than the Jan Close, however only by slightly
- Monthly Candle represents indecision
- Ichimoku study is in a bearish trend
Weekly Chart
- Weekly candle closed lower than the previous week, The body is relativly small
- Ichimoku Study - trend is bearish, however Kijun-sen is flat meaning price could retrace up
Daily Chart
- Ichimoku study - bearish trend however, Kijun and tekan sen line are very close to touching and perhaps cross
4 Hourly Chart
- Ichimoku study - bullish trend
Outlook Trade opportunity
Bears - If this week's 4hr ichimoku cloud breaks, a possible continuation to the downside in the main trend is high probabilityBulls - If ichimoku holds, and the highs of last week is taken out, then my targets shall be 0.80
Personal note - looking at the Gold Chart, it seems bulls could take control this week, so the Aussie should be the same