Hi traders,
On the AUDUSD daily chart I'm looking for some bearish action around the 0.78 area. We can see that price hasn't reached the 127.2% Fibonacci extensions yet, so I expect price to go there soon and then turn bearish.
We can see two AB=CD patterns and three 127.2% Fibonacci extensions and previous high clustered at the same area. There is also a 38.2% Fibonacci retracement of the major move . This is the reason the amount of pips for the stoploss is pretty big. This indicates a high probability of rejection off that area.
Entry: 0.77906
Stop: 0.79354
Target: 0.73573 = R:RR 2.99
Best of luck! I will update all my posts of anything interesting happens.
On the AUDUSD daily chart I'm looking for some bearish action around the 0.78 area. We can see that price hasn't reached the 127.2% Fibonacci extensions yet, so I expect price to go there soon and then turn bearish.
We can see two AB=CD patterns and three 127.2% Fibonacci extensions and previous high clustered at the same area. There is also a 38.2% Fibonacci retracement of the major move . This is the reason the amount of pips for the stoploss is pretty big. This indicates a high probability of rejection off that area.
Entry: 0.77906
Stop: 0.79354
Target: 0.73573 = R:RR 2.99
Best of luck! I will update all my posts of anything interesting happens.
