AUDUSD dropping perfectly, remain bearish
Sell below 0.7889. Stop loss at 0.7933. Take profit at 0.7738.
Reason for the trading strategy (technically):
Price has dropped perfectly from our selling area and is fast approaching our profit target. We remain bearish looking to sell on strength below our major resistance area of 0.7889 (Multiple Fibonacci retracement, horizontal swing high resistance, Fibonacci extension) for a further drop to 0.7738 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,3,1) is seeing major resistance at 97% and has good downside potential. We are seeing intermediate resistance at 53% too.
Reason for the trading strategy (technically):
Price has dropped perfectly from our selling area and is fast approaching our profit target. We remain bearish looking to sell on strength below our major resistance area of 0.7889 (Multiple Fibonacci retracement, horizontal swing high resistance, Fibonacci extension) for a further drop to 0.7738 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,3,1) is seeing major resistance at 97% and has good downside potential. We are seeing intermediate resistance at 53% too.