MEX_Exchange

AUDUSD dropping perfectly from our selling area, remain bearish

Short
FX:AUDUSD   Australian Dollar / U.S. Dollar
Sell below 0.7698. Stop loss at 0.7751. Take profit at 0.7537.
Reason for the trading strategy (technically):
Price continues to drop nicely and sees major resistance below our selling area. We remain bearish below major resistance at 0.7698 (Fibonacci retracement, horizontal swing high resistance) for a further drop down to at least 0.7537 support (Fibonacci retracement, horizontal overlap support). Stop loss is at 0.7751 (Multiple Fibonacci retracement, horizontal pullback resistance).
Stochastic (34,3,1) is seeing major resistance below our 97% and is reversing nicely below this level. It has good downside potential to play the drop.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.