AUDUSD Forecast for the week 8th April 2014 - Has Cypher been activated yet?
AUDUSD Forecast for the week 8th April 2014 - Has Cypher been activated yet?
- The reversal zone has been touched slightly last week
- Bullish momentum is strong
Monthly Chart
- Obvious Stochastic Positive divergence
- Near Resistance
Weekly Chart
- Stochastics is overbought territory but still rising
- RSI is also pointing upwards
- Last week Candle is a small bullish hammer closing higher than its previous huge bullish candle
- However candle body is small
Daily Chart
- Bearish Cypher zone has been touched slightly last week, however prices managed to creep back up
- There is a possible divergence, but would like to see a higher high perhaps to the 0.935
Hourly Chart
- Technically Chart is showing that bulls are in control and pushing prices to the high 0.92, and if we manage to trade there, a high chance we will break to the upside to test its 0.935 which in terms of Fibonacci it has very strong level and confluence
- Flip side, if we get a fail rally (currently Tuesday Asian Session), Looking to see a break of the ascending trendline to go short (for scalp / intraday trades)
Outlook Trade opportunity
I would like to see price shoot up towards 0.935 and drill to an hourly to look for a shooting star candle pattern and take a short, otherwise if prices to fail to go above 0.93, would look for break of ascending trendline to go shortRisk Level LOW
Tips -
Always take note of any economical news event on our provided calender below
Daily Candle's To note for Monday 7th April, 2014
Daily Candle's To note for Monday 7th April, 2014
USDCHF Shooting Star (4)
EURUSD Bullish Hammer (2)
EURGBP Bullish Hammer (2)
GBPCHF Shooting Star (4)
CADJPY Shooting Star (4)
AUDJPY Shooting Star (4)
EURCHF Shooting Star (4)
AUDUSD Bullish Engulfing Pattern
Outlook Trade opportunity
If these candles are at or near support and resistance, it may be a chance for a reversal
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