AUDUSD inching up towards selling area, remain bearish
Sell below 0.7698. Stop loss at 0.7751. Take profit at 0.7537.
Reason for the trading strategy (technically):
Price continues to inch towards major resistance at 0.7698 (Fibonacci retracement, horizontal swing high resistance) and we expect to see a reaction off this level to push price down to at least 0.7537 support (Fibonacci retracement, horizontal overlap support). Stop loss is at 0.7751 (Multiple Fibonacci retracement, horizontal pullback resistance).
Stochastic (34,3,1) is seeing major resistance below our 97% and we expect a strong reaction off this level.
Reason for the trading strategy (technically):
Price continues to inch towards major resistance at 0.7698 (Fibonacci retracement, horizontal swing high resistance) and we expect to see a reaction off this level to push price down to at least 0.7537 support (Fibonacci retracement, horizontal overlap support). Stop loss is at 0.7751 (Multiple Fibonacci retracement, horizontal pullback resistance).
Stochastic (34,3,1) is seeing major resistance below our 97% and we expect a strong reaction off this level.