AUDUSD Weekly Forecast and Trade Setup for 24th March, 2014
AUDUSD Weekly Forecast and Trade Setup for 24th March, 2014
Daily Chart
- After the news from the FED it performed a bearish day last Wednesday, However market performed a bullish pin bar on the following day, and the bullish momentum did carry on till Friday
- Also the Major crosses to the USD, the Aussie was the most resilient.
- Most importantly we have had already couple of days which we are closing at this strong resistance (Monthly Pivot R1, and this weeks Weekly Pivot), This shows to me that there is still strength to the upside
- I believe there is one more leg up towards the 0.92-0.925
- There is a ascending channel which we are in
- Note that there is this harmonic pattern (cypher) which completes around 0.93
Hourly Chart
- Chart is taken around noon Asian session (monday) - you will see the 4hr pin bar (news affected sell off but rebounded)
- The Ichimoku clouds on the 4hr, is not far away, and could provide resistance to push the market to trade above 0.91
Outlook Trade opportunity
Any pull back towards 0.9030 would consider to open longsRisk Level Low
Tips -
Always take note of any economical news event on our provided calender below
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