AUDUSD Trade setup and Forecast for the week 16th March, 2015
Comments from Last week Analysis:
Last week the aussie gave us new lows and broke support, this quickly regained back above broken support and had a daily close above. From my previous weeks trades This had stopped out on my long trade which was targetting 0.795.
Weekly Chart
- Looks heavy, however, RSI is showing very slight divergence
Daily Chart
- If you zoom into Thursday's candle, it has a huge bullish candle recovering previous two days losses
- This also reacted to me as a false break and also holding by the Weekly S2
- And also a 127.2 fib extension
- RSI positive divergence
4 Hour Chart
- I shall be taking a long if i see a break on the trendline / ichimoku clouds to the upside
- Taking long opportunity because of the Thursday false break giving a big bullish candle
Outlook Trade opportunity
For bulls : - Take long either at the break of trendline or ichimoku to the upsideFor Bears : If last weeks lows break and close below, happy to take short targetting 0.735 approx