MEX_Exchange
Short

AUDUSD reversing nicely from resistance, remain bearish

FX:AUDUSD   Australian Dollar / U.S. Dollar
Sell below 0.7885. Stop loss at 0.7978. Take profit at 0.7696
Reason for the trading strategy (technically):
Price is starting to reverse nicely below our major resistance at 0.7885 (61.8% Fibonacci retracement , horizontal swing high resistance, bearish divergence) and we expect to see a strong reaction off this level to push price down to at least 0.7696 support ( Fibonacci retracement , horizontal pullback support). It’s important to watch out for our ascending support line as only breaking this line would trigger a strong drop.
Stochastic (34,3,1) is also testing major resistance at 98% and we can see bearish divergence vs price signalling that a reversal is impending. Recent bearish exit of our ascending support-turned-resistance line is a precursor that price is going to do the same.
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