AUDUSD dropping perfectly as expected, remain bearish
Sell below 0.7802. Stop loss at 0.7843. Take profit at 0.7741.
Reason for the trading strategy (technically):
Price has dropped absolutely perfectly from our selling area as expected and is fast approaching our profit target. We remain bearish looking to sell below 0.7802 resistance (Fibonacci retracement, horizontal pullback resistance) for a further drop to at least 0.7741 support (Fibonacci retracement, horizontal pullback support).
Stochastic (34,5,3) is dropping nicely from our 96% resistance as expected.
Correlation analysis: AUD weakness is expected today with AUDJPY similarly testing major resistance and expecting a drop.
Reason for the trading strategy (technically):
Price has dropped absolutely perfectly from our selling area as expected and is fast approaching our profit target. We remain bearish looking to sell below 0.7802 resistance (Fibonacci retracement, horizontal pullback resistance) for a further drop to at least 0.7741 support (Fibonacci retracement, horizontal pullback support).
Stochastic (34,5,3) is dropping nicely from our 96% resistance as expected.
Correlation analysis: AUD weakness is expected today with AUDJPY similarly testing major resistance and expecting a drop.