AUDUSD dropping perfectly towards profit target, remain bearish
Sell below 0.7931. Stop loss at 0.7950. Take profit at 0.7875.
Reason for the trading strategy (technically):
Price has dropped perfectly form our selling area yesterday. We remain bearish looking to sell on strength below 0.7931 resistance (Fibonacci retracement, horizontal overlap resistance) for a further push down to 0.7875 support (Fibonacci extension, horizontal swing low support). We also shift our stop loss to 0.7950 to protect our running profits.
RSI (34) sees a descending resistance line holding our bearish momentum really nicely.
Reason for the trading strategy (technically):
Price has dropped perfectly form our selling area yesterday. We remain bearish looking to sell on strength below 0.7931 resistance (Fibonacci retracement, horizontal overlap resistance) for a further push down to 0.7875 support (Fibonacci extension, horizontal swing low support). We also shift our stop loss to 0.7950 to protect our running profits.
RSI (34) sees a descending resistance line holding our bearish momentum really nicely.