AUDUSD Daily Outlook for 9th December, 2013 (Monday)

AUDUSD Daily Outlook for 9th December, 2013 (Monday)

Hey Guys,
I would like to share my daily trade setups and analysis with everyone.
Why am i doing this? Simple, I get better with my analysis when writing these daily, and when they go out, i get feedback and comments and i learn from the community.

My twitter handle is Forex_Trader168 where you can see the links to my blog

Daily Chart -
“In down trend, however due for retrace before continuing”


On Friday we have recovered most of the drop in AUD/USD from mid week, Closing the day with a minor Pin bar candle. As per my Thursday analysis I recommended a long trade due to few confluences, which worked out quite well.
Some notes to consider
The downward trendline is still in play, and looks like its going up to test the trendline before continuing (Around the 0.920-0.925 area)
Minor Pin Bar (not the perfect pin bar), meaning a reversal
Divergence still in play (identified on Friday)


Weekly Chart -



“In down trend, however have a stronger pin bar showing compared to daily”

*We only provide a weekly chart for the beginning of each week

We ended the week pretty much the same as we opened, and have produced a good pin bar. And the weekly candle pretty much confirmed our view on the daily chart.
Stochastic is turning and about to cross


Hourly Chart



“Breakout of the downward trendline, and also a huge pin bar”.

After Fridays price action after the US data release, it have given us a huge huge pin bar when it reached the 0.89850 level, and giving it a whiplash event in price. This kind of reaction means there are huge buyers whom have enough power to push it back above the 0.91 on Friday close.

Pin bar reversal candle
Broke out of the downward trendline
A retest of the prior resistance which became support is a good entry for longs.
Note there is a new upward trendline drawn


Outlook Trade opportunity
In early asian session, there is important China’s economic data to release, this will impact the Aussie dollar. So a word of caution when trading.
What i would like to see is a negative number which could drag the Aussie to Monday’s Daily Pivot / 0.90850. where we could go long if price action is confirmed in a 15min/30min chart.

Long from Daily Pivot / 0.90850 -0.90600 (range is 15pips), please keep stops at least 15pips below 0.90600

Target - TP1 Fridays R1, then trail to Friday’s high, and upwards

Risk Level - Low

Tips -
Always take note of any economical news event on our provided calender below