AUDUSD Testing Resistance, Prepare For Reversal
Sell below 0.7374.
Stop loss at 0.7440.
Take profit at 0.7283.
Reason for the trading strategy (technically):
AUDUSD is testing its resistance at 0.7374 (61.8% Fibonacci extension, 61.8% & 38.2% Fibonacci retracement, horizontal overlap resistance) where a reversal to its support at 0.7283 (61.8% Fibonacci retracement) is expected.
Stochastic (55, 5, 3) has reversed off its resistance at 95% where a corresponding drop is expected. We have also identified a bearish divergence with price that contributes to our bearish bias.
Stop loss at 0.7440.
Take profit at 0.7283.
Reason for the trading strategy (technically):
AUDUSD is testing its resistance at 0.7374 (61.8% Fibonacci extension, 61.8% & 38.2% Fibonacci retracement, horizontal overlap resistance) where a reversal to its support at 0.7283 (61.8% Fibonacci retracement) is expected.
Stochastic (55, 5, 3) has reversed off its resistance at 95% where a corresponding drop is expected. We have also identified a bearish divergence with price that contributes to our bearish bias.