AUDUSD dropping perfectly from our selling area, remain bearish
Sell below 0.7698. Stop loss at 0.7751. Take profit at 0.7537.
Reason for the trading strategy (technically):
Price continues to drop nicely and sees major resistance below our selling area. We remain bearish below major resistance at 0.7698 (Fibonacci retracement, horizontal swing high resistance) for a further drop down to at least 0.7537 support (Fibonacci retracement, horizontal overlap support). Stop loss is at 0.7751 (Multiple Fibonacci retracement, horizontal pullback resistance).
Stochastic (34,3,1) is seeing major resistance below our 97% and is reversing nicely below this level. It has good downside potential to play the drop.
Reason for the trading strategy (technically):
Price continues to drop nicely and sees major resistance below our selling area. We remain bearish below major resistance at 0.7698 (Fibonacci retracement, horizontal swing high resistance) for a further drop down to at least 0.7537 support (Fibonacci retracement, horizontal overlap support). Stop loss is at 0.7751 (Multiple Fibonacci retracement, horizontal pullback resistance).
Stochastic (34,3,1) is seeing major resistance below our 97% and is reversing nicely below this level. It has good downside potential to play the drop.