AUDUSD dropping really well, remain bearish for a further drop
Sell below 0.7837. Stop loss at 0.7904. Take profit at 0.7738.
Reason for the trading strategy (technically):
Price has dropped really well for our selling area. We look to protect our position by closing half and moving the rest to breakeven. Our view is to remain bearish below 0.7837 resistance (Fibonacci retracement support-turned-resistance, pullback resistance) for a further drop to at least 0.7738 support (Fibonacci extension, horizontal swing low support).
Stochastic (55,3,1) is dropping nicely from our 97% resistance and has good downside potential.
Reason for the trading strategy (technically):
Price has dropped really well for our selling area. We look to protect our position by closing half and moving the rest to breakeven. Our view is to remain bearish below 0.7837 resistance (Fibonacci retracement support-turned-resistance, pullback resistance) for a further drop to at least 0.7738 support (Fibonacci extension, horizontal swing low support).
Stochastic (55,3,1) is dropping nicely from our 97% resistance and has good downside potential.