AUDUSD right on major resistance, time to sell
Sell below 0.7554. Stop loss at 0.7588. Take profit at 0.7490.
Reason for the trading strategy (technically):
Price has testing our major resistance at 0.7554 (Fibonacci extension, horizontal resistance) and we expect a strong reaction off this level for a drop to at least 0.7490 support (Fibonacci retracement, horizontal pullback support).
Stochastic (34,5,3) is dropping nicely from our 93% resistance with good downside potential.
Correlation analysis: Overall AUD weakness expected today with a drop on AUDUSD and AUDJPY.
Reason for the trading strategy (technically):
Price has testing our major resistance at 0.7554 (Fibonacci extension, horizontal resistance) and we expect a strong reaction off this level for a drop to at least 0.7490 support (Fibonacci retracement, horizontal pullback support).
Stochastic (34,5,3) is dropping nicely from our 93% resistance with good downside potential.
Correlation analysis: Overall AUD weakness expected today with a drop on AUDUSD and AUDJPY.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.