AUDUSD testing strong resistance, sell one last time
Sell below 0.7824. Stop loss at 0.7902. Take profit at 0.7696.
Reason for the trading strategy (technically):
Price is now testing strong resistance at 0.7824 (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension) and a strong drop could occur at this level to push price down to at least 0.7696 support (Fibonacci retracement, horizontal pullback support).
Stochastic (34,3,1) is seeing major resistance at 98% where a corresponding drop could occur from and also sees bearish divergence vs price signalling that a reversal is impending.
Reason for the trading strategy (technically):
Price is now testing strong resistance at 0.7824 (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension) and a strong drop could occur at this level to push price down to at least 0.7696 support (Fibonacci retracement, horizontal pullback support).
Stochastic (34,3,1) is seeing major resistance at 98% where a corresponding drop could occur from and also sees bearish divergence vs price signalling that a reversal is impending.