Possible scenario for AUDUSD retreat towards 0.72 / 0.715 levels
AUDUSD looks heavy in H1 and H4 with RSI and stochastics tending downwards from the 0.38 Fib retracement of the longterm downtrend coming down from May 2015 highs at 0.7760 levels.
My suggestions is to take partial profits around 0.72 where a break of our recent uptrend from late january 2016 lows might indicate a further decline of AUDUSD towards 0.7130 (0.38 Fib) and ultimately 0.707 (0.5 Fib).
0.72 would also be the level for AUDUSD to drop into a H1 bullish Ichimoku cloud, thus decelerating a possible decline.
Good luck! And always make your own analysis before entering a trade!
twitter.com/Sinatra_FX
AUDUSD looks heavy in H1 and H4 with RSI and stochastics tending downwards from the 0.38 Fib retracement of the longterm downtrend coming down from May 2015 highs at 0.7760 levels.
My suggestions is to take partial profits around 0.72 where a break of our recent uptrend from late january 2016 lows might indicate a further decline of AUDUSD towards 0.7130 (0.38 Fib) and ultimately 0.707 (0.5 Fib).
0.72 would also be the level for AUDUSD to drop into a H1 bullish Ichimoku cloud, thus decelerating a possible decline.
Good luck! And always make your own analysis before entering a trade!
twitter.com/Sinatra_FX