TradingView
MEX_Exchange
Feb 1, 2018 1:42 AM

AUDUSD approaching major resistance, prepare for a drop! Short

Australian Dollar/U.S. DollarFXCM

Description

Sell below 0.8036. Stop loss at 0.8126. Take profit at 0.7894.
Reason for the trading strategy (technically):
Price is testing major ascending support and only a break of key support level at 0.8036 (Fibonacci retracement, horizontal overlap support, ascending support, bearish divergence) would trigger a big drop down to 0.7894 support (Fibonacci retracement).
RSI (34) is seeing strong support above 46% and also sees bearish divergence vs price signalling that a reversal is impending.
Comments
AshaDi
is it retesting of fake breaking out? The market seems not wanting to stop going up...
More