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MEX_Exchange
Jan 19, 2018 2:40 AM

AUDJPY testing major resistance, prepare for a drop Short

Australian Dollar/Japanese YenFXCM

Description

Sell below 88.98. Stop loss at 89.22. Take profit at 88.41.
Reason for the trading strategy (technically)
Price is testing major resistance at 88.98 (Fibonacci extension, horizontal swing high resistance, bearish harmonic formation) and we expect to see a strong reaction off this level to push price down towards 88.41 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,5,3) is seeing major resistance below 96% where further bearish momentum is expected.
Comments
Frannel_Franco
Right on
yoni2k6
Great call here!
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