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theforexarmy
Aug 21, 2018 2:42 AM

AUDUSD Testing Resistance, Prepare For Reversal! Short

Australian Dollar / U.S. DollarFOREX.com

Description

Sell below 0.7349.
Stop loss at 0.7395.Take profit at 0.7284.
Reason for the trading strategy (technically):
AUDUSD is testing its resistance at 0.7349 (100% Fibonacci extension, 61.8% & 50% Fibonacci retracement, horizontal overlap resistance) where a reversal to its support at 0.7284 (50% Fibonacci retracement, horizontal overlap support) is expected.
Stochastic (55, 5, 3) has reversed off its resistance at 97% where a corresponding drop is expected.
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