AUDUSD 07/02/16 - Bears are waiting to feast on this pair..

Thanks for joining for my first published idea onTrading View. Here, I am looking at AUDUSD, particularly on the 1hr chart. Prices closed on Friday around a strong level of support with a hourly trendline providing the weakened bulls with some technical hope which is likely to push this pair initially higher, hopefully to our sell zone (B), which will complete the 5 Elliot wave impulse moves. As I see there is two fantastic short opportunities here, one being to sell on a break and retest of the trendline as fore-mentioned. The other more favoured opportunity is presented on the retest of the kumo cloud which coincides with 38.2 fib retracement levels.

Target is 161.80 fib extension level (0.70140)

Comment:

TP hit, 100 pips, congratulations