Forex Ichimoku Trade Setup – Dec. 2nd AUDUSD

AUDUSD – Possible Reversal?
After selling off from the yearly highs just sub 1.0200, the pair has shed about 600pips and has yet to regain any major ground.  However, the pair right now is coming up against a critical point which could either reject price or cause a good pivot place to go long and play the reversal.

Taking a look at the chart below, the pair is rubbing up against the 50% retracement of the last major swing from 9950 – 9550 at 9745.  This also lines up perfectly with the upcoming flat kumo top.  Also keep in mind there is a Kumo window here so if the pair is going to make a reversal, this is the best place to do it.  Watch for kumo breaks to come back to this level and for those wanting to go short, the 50% fib offers you an option with low risk.

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