AUDUSD now testing major resistance, prepare to sell for a drop
Sell below 0.7697. Stop loss at 0.7725. Take profit at 0.7634.
Reason for the trading strategy (technically):
Price is approaching major resistance at 0.7697 (multiple Fibonacci extensions) and we expect a strong reaction off this level for a drop to at least 0.7634 support (Fibonacci retracement, horizontal pullback support).
Stochastic (34,5,3) is seeing strong resistance below 93% where we expect a strong drop from.
Correlation analysis: AUDUSD and NZDUSD are both expecting drops today.
Reason for the trading strategy (technically):
Price is approaching major resistance at 0.7697 (multiple Fibonacci extensions) and we expect a strong reaction off this level for a drop to at least 0.7634 support (Fibonacci retracement, horizontal pullback support).
Stochastic (34,5,3) is seeing strong resistance below 93% where we expect a strong drop from.
Correlation analysis: AUDUSD and NZDUSD are both expecting drops today.