AUDUSD approaching major resistance, prepare to sell
Sell below 0.7938. Stop loss at 0.7982. Take profit at 0.7877
Reason for the trading strategy (technically):
Price is now approaching major resistance at 0.7938 (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension) and we expect to see a strong reaction from this level to fuel the drop to at least 0.7877 support (Fibonacci retracement, horizontal pullback support).
Stochastic (34,5,3) is testing major resistance at 96% and we expect to see a corresponding drop in price from this level.
Reason for the trading strategy (technically):
Price is now approaching major resistance at 0.7938 (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension) and we expect to see a strong reaction from this level to fuel the drop to at least 0.7877 support (Fibonacci retracement, horizontal pullback support).
Stochastic (34,5,3) is testing major resistance at 96% and we expect to see a corresponding drop in price from this level.