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MEX_Exchange

AUDUSD prepare to sell on break of key support

Short
Australian Dollar / U.S. Dollar (FX:AUDUSD)  
MEX_Exchange  
FX:AUDUSD   Australian Dollar / U.S. Dollar
Trend Analysis Harmonic Patterns Chart Patterns AUDUSD audusdshort audusdlong audusdforecast audusdsignal audusdsell audusddaily Forex forextrading
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trendanalysis harmonicpatterns chartpattern audusd audusdshort audusdlong audusdforecast audusdsignal audusdsell audusddaily forex forextrading
Sell below 0.7871. Stop loss at 0.7937. Take profit at 0.7741.
Reason for the trading strategy (technically):
Price is hovering above key support at 0.7871 (Fibonacci retracement, horizontal swing low support) and we prepare to sell once price breaks this key level. Our profit target is a push down to next key support level at 0.7741 (Fibonacci retracement, horizontal pullback support).
RSI (55) is seeing bearish momentum within its bearish descending channel.
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