AUDUSD remain bearish whilst protecting our profits
Sell below 0.7829. Stop loss at 0.7864. Take profit at 0.7738.
Reason for the trading strategy (technically):
Price has continued to drop perfectly towards our profit target. We remain bearish looking to sell below 0.7829 resistance (Fibonacci retracement, horizontal overlap resistance) for a further push down to at least 0.7738 support (Fibonacci extension, horizontal swing low support). It is important to note that we expect a strong acceleration to the downside once we break our descending channel on price and RSI.
RSI (34) sees a nice descending channel signalling that we’re still in a bearish configuration.
Reason for the trading strategy (technically):
Price has continued to drop perfectly towards our profit target. We remain bearish looking to sell below 0.7829 resistance (Fibonacci retracement, horizontal overlap resistance) for a further push down to at least 0.7738 support (Fibonacci extension, horizontal swing low support). It is important to note that we expect a strong acceleration to the downside once we break our descending channel on price and RSI.
RSI (34) sees a nice descending channel signalling that we’re still in a bearish configuration.
Comment:
Aren't we kicking ass? :P