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MEX_Exchange

AUDUSD remain bearish for a further drop

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 forextrading
7
3
trendanalysis harmonicpatterns chartpattern audusd aud usd audusdshort audusdlong audusdforecast audusdsignal forex forextrading
Sell below 0.7962. Stop loss at 0.7995. Take profit at 0.7875.
Reason for the trading strategy (technically):
Price is approaching major resistance at 0.7962 (Fibonacci retracement, Fibonacci extension) and we expect to see a drop from here towards 0.7875 support (Fibonacci extension, horizontal swing low support).
RSI (34) sees a descending resistance line holding our bearish momentum really nicely.
Correlation analysis: We are expecting commodities weakness with AUDUSD and NZDUSD both expecting drops.
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