pardeepk

AUD/USD wait for FIB entrance for long

Long
FX:AUDUSD   Australian Dollar / U.S. Dollar
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Price action is below ichimoku cloud in D1, which may indicate a long-term short trend for this pair. However, I am using the H1 chart. Price recently broke trend line and so we should wait for a retracement near the 0.50 fib and look for a bounce off this retracement action which is also combined with flat ichimoku cloud signifying stronger support. Limit and Stop illustrated in chart.

Also, price action is ABOVE ichimoku cloud signifying bullish movement, but it is BELOW cloud on D1, so the goal here is to capture profit in a bullish 1 hr trend while price is still in a downtrend on the D1.

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