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Long

AUD/USD Is Setting Up For A Move Higher or Lower

FX:AUDUSD   Australian Dollar/U.S. Dollar
The Australian Dollar             may be readying to turn lower against its US counterpart after prices put in a bearish Three Inside Down candlestick pattern. A daily close below 23.6% Fibonacci expansion at 0.7715 exposes the 38.2% level at 0.7632. Alternatively, a reversal above the 14.6% Fib at 0.7766 clears the way for a test of the 0.7813-18 area.

We will be taking a short position with a break of 0.76900 or conversely taking a long position with a break of 0.77760. Both will have a stop of approximately 85 Pips.
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