AUDUSD testing strong resistance, prepare to sell
Sell below 0.7891. Stop loss at 0.7955. Take profit at 0.7789.
Reason for the trading strategy (technically):
Price is testing major resistance at 0.7891 (Multiple Fibonacci retracement, bearish price action) and we expect to see a strong drop from this level to push price down to at least 0.7789 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,3,1) is seeing major resistance at 97% where we expect a reaction from.
Reason for the trading strategy (technically):
Price is testing major resistance at 0.7891 (Multiple Fibonacci retracement, bearish price action) and we expect to see a strong drop from this level to push price down to at least 0.7789 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,3,1) is seeing major resistance at 97% where we expect a reaction from.