Forex Ichimoku Trade Setup Nov. 22nd AUDUSD

AUDUSD – 4hr Chart
Looking at the chart below, we can see how the AUDUSD made an impressive climb but failed at the 50% fib of the last down-move and sold off heavily.  The pair never really penetrated the kumo heavily and is in danger of forming a TKx to the downside.  It will likely do this at or near the support based in the low 97’s which is common for TKx’s.  Should this pair form a strong cross to the downside, the pair will likely gun for the major support lows in the mid 96’s.  Beyond this, then we expect a move back to the .9475 level which would be the 50% fib of the last giant swing from .8737 – 1.0175 so watch for the TKx as the next trigger.

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