AUDUSD dropping towards profit target, remain bearish
Sell below 0.7928. Stop loss at 0.7954. Take profit at 0.7874.
Reason for the trading strategy (technically):
Price has dropped perfectly from our selling area and is fast approaching our profit target, we can also see that it has broken a major support-turned-resistance line signalling that a change in momentum has occurred to bearish. We remain bearish below 0.7928 resistance (Fibonacci retracement, horizontal overlap resistance) for a further push down to at least 0.7874 support (Fibonacci retracement, horizontal overlap support). We move our stop loss to 0.7954 to protect our profits.
RSI (34) sees a bearish exit signal a major change in momentum to bearish.
Reason for the trading strategy (technically):
Price has dropped perfectly from our selling area and is fast approaching our profit target, we can also see that it has broken a major support-turned-resistance line signalling that a change in momentum has occurred to bearish. We remain bearish below 0.7928 resistance (Fibonacci retracement, horizontal overlap resistance) for a further push down to at least 0.7874 support (Fibonacci retracement, horizontal overlap support). We move our stop loss to 0.7954 to protect our profits.
RSI (34) sees a bearish exit signal a major change in momentum to bearish.