AUDUSD reacting off major resistance, time to start selling
Sell below 0.7548. Stop loss at 0.7573. Take profit at 0.7472.
Reason for the trading strategy (technically):
Price is now reacting off major resistance at 0.7548 (horizontal swing high resistance, Fibonacci extension) and we expect a strong drop from this level to at least 0.7472 (Fibonacci retracement, horizontal overlap support).
Stochastic (34,5,3) is seeing strong resistance below our 95% level where we expect a further drop from.
Correlation analysis: Overall AUD weakness expected today with a drop on AUDUSD and AUDJPY.
Reason for the trading strategy (technically):
Price is now reacting off major resistance at 0.7548 (horizontal swing high resistance, Fibonacci extension) and we expect a strong drop from this level to at least 0.7472 (Fibonacci retracement, horizontal overlap support).
Stochastic (34,5,3) is seeing strong resistance below our 95% level where we expect a further drop from.
Correlation analysis: Overall AUD weakness expected today with a drop on AUDUSD and AUDJPY.