AUDUSD dropped perfectly, prepare to sell
Sell below 0.7868. Stop loss at 0.7913. Take profit at 0.7791.
Reason for the trading strategy (technically):
Price has dropped absolutely perfectly to our profit target area before bouncing up and is approaching our major resistance once again. We look to sell on the pullback to the resistance area of 0.7868 (Fibonacci retracement, overlap resistance, bearish price action) for a push down to at least 0.7791 support (Fibonacci extension, Elliott wave theory).
Stochastic (21,3,1) is seeing major resistance at 98% where we expect a further drop from.
Reason for the trading strategy (technically):
Price has dropped absolutely perfectly to our profit target area before bouncing up and is approaching our major resistance once again. We look to sell on the pullback to the resistance area of 0.7868 (Fibonacci retracement, overlap resistance, bearish price action) for a push down to at least 0.7791 support (Fibonacci extension, Elliott wave theory).
Stochastic (21,3,1) is seeing major resistance at 98% where we expect a further drop from.