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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