AUDUSD is Approaching Its Resistance, Prepare For A Drop
Sell below 0.7777. Stop loss at 0.7813. Take profit at 0.7725.
Reason for the trading strategy (technically):
AUDUSD is approaching its resistance at 0.7777 (61.8% Fibonacci extension, 50% Fibonacci retracement, 38.2% Fibonacci retracement, horizontal overlap support) where we expect to see a reversal, pushing price down to its support at 0.7725 (61.8% Fibonacci extension, 38.2% Fibonacci retracement, 38.2% Fibonacci retracement, horizontal overlap support).
Stochastic (89, 5, 3) is approaching its resistance at 96% where we expect to see a corresponding reaction.
Reason for the trading strategy (technically):
AUDUSD is approaching its resistance at 0.7777 (61.8% Fibonacci extension, 50% Fibonacci retracement, 38.2% Fibonacci retracement, horizontal overlap support) where we expect to see a reversal, pushing price down to its support at 0.7725 (61.8% Fibonacci extension, 38.2% Fibonacci retracement, 38.2% Fibonacci retracement, horizontal overlap support).
Stochastic (89, 5, 3) is approaching its resistance at 96% where we expect to see a corresponding reaction.