AUD/USD --TECHNICAL REVIEW AND TRADE SET UP

On last Friday, the AUD/USD was lifted to 0.8757 highest and closed at 0.8722. On the H1 chart, a bearish Engulfing candle was formed, to be confirmed by another one or two down (bearish) candles on Monday next Market opening  to further verify that  the Bear is in action.

The H1 Ichimoku chart below also show that the price action is touching the top of Ichi cloud ,plunging through the cloud may see this currency pair to meet the 0.8703 LEVEL.(61.8% Fibo Retr) , BREAKING this level may expose 0.8692 which is the  bottom of  Ichimoku cloud as next possible support, and then further to the next possible support level at 0.8660 (being the 38.2% Fibo Retr.).

Basing on Technicals, longer time frames show Bearish on  AUD/USD, we should further monitor this currency on Monday's open before you set up your trade.

Note:0.00 Fibo Retr level is 0.8595, and 100.00 Fibo Retr is 0.8770


Proposed Trade set up:

SELL  NEAR 0.8720--0.8730 on recovery ( TO OBSERVE HOW THE PRICE MOVES  AND TO CONFIRM WITH ALL YOUR FAVORITE INDICATORS BEFORE EXECUTE YOUR TRADES after market opening))


STOP LOSS:  0.8760 (50 pips)


FIRST TARGET: 0.8635 (see chart ,the next possible support)


SECOND TARGET : 0.8595(the next recent low)


Happy Trading




The M5 chart below to show the near term bear in action on last Friday