Hello traders good to be back with you as today we look at the AUDUSD on a 60 minute chart. The Aussie is way extended and I am looking to short this pair as we are at highs and I like the weak candles I am seeing. I am looking at taking the entry at the price of 0.7720 in that area. As I have placed the Fibonacci tool on the chart the way down will have some bumps in the road as we have to get through the 61.8 Fib and continue through a lot of price action left on the chart to get to our take profit. I would like to take profit at the 38.2 price level as that is a strong support area. The price on take profit would be 0.7661 for a nice 80 pip trade.
Thank you traders and we will talk soon….William