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Short

AUDUSD is testing major support, prepare to sell on break

FX:AUDUSD   Australian Dollar / U.S. Dollar
AUDUSD             has dropped and is testing major support. We look to sell if it breaks this support level .

Sell below 0.7781. Stop loss at 0.7819. Take profit at 0.7717.
Reason for the trading strategy (technically):
Price is testing major support at 0.7781 ( Fibonacci retracement , horizontal overlap support, ascending support) and a break of this level would open a bigger drop to 0.7177 support ( Fibonacci extension , horizontal swing low support).
RSI (34) can also see a long term bearish descending resistance line holding price down and a recent bearish exit of our short term ascending support-turned-resistance line is signalling a potential drop from here.
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Your buy and sell set ups are compelling - both of them. Wil it be eeny, meeny, miny or mo?
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