AUDUSD - Weekly Forecast and Trade Setup for week ending 3rd of July, 2015
Weekly Chart
- The week ended negative, closing at the lows of the week prior. With the bearish momentum, I would not be suprised for continuation and breaking recent lows (this would be the fourth touch if so)
- Ichimoku - Bearish
Daily Chart
- Candles for the whole week has been closing below the kijun and tekan line, pointing to a weak aussie.
- Friday's candle has given a hint of trend continuation to the downside
- Ichimoku - Bearish
4 Hourly Chart
- Very clear 4hr candle breaking the trendline and also support
- The yearly low / Support of 0.755 - My view will be easily broken due to earlier this year it had been tested three times, which means most buy orders had been filled - hence a very weak level.
- Perhaps new lows in the coming week or two?
Outlook Trade opportunity
My short term trade idea from last week (of bullish), had failed. However for the longer term trade idea, this is working in favor so far.Short term i am aiming for 0.7600 as i have opend a short trade last friday
Long term - target 0.70-0.72 (50% fib retrace of the decade)