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MEX_Exchange

AUDUSD testing strong resistance, prepare to sell

Short
Australian Dollar / U.S. Dollar (FX:AUDUSD)  
MEX_Exchange  
FX:AUDUSD   Australian Dollar / U.S. Dollar
Trend Analysis Harmonic Patterns Chart Patterns AUDUSD aud USD audusdshort audusdlong audusdforecast audusdsignal Forex forexsignals
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4
trendanalysis harmonicpatterns chartpattern audusd aud usd audusdshort audusdlong audusdforecast audusdsignal forex forexsignals
Sell below 0.7891. Stop loss at 0.7955. Take profit at 0.7789.
Reason for the trading strategy (technically):
Price is testing major resistance at 0.7891 (Multiple Fibonacci retracement, bearish price action) and we expect to see a strong drop from this level to push price down to at least 0.7789 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,3,1) is seeing major resistance at 97% where we expect a reaction from.
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