AUDUSD testing major resistance, time to start selling
Sell below 0.7629. Stop loss at 0.7670. Take profit at 0.7537.
Reason for the trading strategy (technically):
Price is testing major resistance at 0.7629 (Fibonacci retracement, horizontal overlap resistance, channel resistance, Fibonacci extension) and we expect to see a strong drop from this level to push price down to at least 0.7537 support (Fibonacci extension, horizontal swing low support).
Stochastic (55,3,1) is seeing strong resistance at 96% where we expect a corresponding reaction off.
Correlation analysis: NZDUSD is similarly expecting a strong drop.
Reason for the trading strategy (technically):
Price is testing major resistance at 0.7629 (Fibonacci retracement, horizontal overlap resistance, channel resistance, Fibonacci extension) and we expect to see a strong drop from this level to push price down to at least 0.7537 support (Fibonacci extension, horizontal swing low support).
Stochastic (55,3,1) is seeing strong resistance at 96% where we expect a corresponding reaction off.
Correlation analysis: NZDUSD is similarly expecting a strong drop.
Comment:
Almost there too! Good to close off partial profits and move the rest to breakeven. Do join our telegram channel to get more up to date trade management strategies.