AUDUSD Testing Resistance, Prepare For Reversal
Sell below 0.7315.
Stop loss at 0.7364.
Take profit at 0.7223.
Reason for the trading strategy (technically):
AUDUSD is testing its resistance at 0.7315 (100% Fibonacci extension, 76.4% & 38.2% Fibonacci retracement, horizontal overlap resistance) where a reversal to its support at 0.7223 (38.2% Fibonacci retracement, horizontal pullback support) is expected.
Stochastic (55, 5, 3) has reversed off its resistance at 97% where a corresponding drop is expected.
Stop loss at 0.7364.
Take profit at 0.7223.
Reason for the trading strategy (technically):
AUDUSD is testing its resistance at 0.7315 (100% Fibonacci extension, 76.4% & 38.2% Fibonacci retracement, horizontal overlap resistance) where a reversal to its support at 0.7223 (38.2% Fibonacci retracement, horizontal pullback support) is expected.
Stochastic (55, 5, 3) has reversed off its resistance at 97% where a corresponding drop is expected.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.