Sell below 1.5997. Stop loss 1.6040. Take profit at 1.5923.
Reason for the trading strategy (technically):
EURAUD is testing its resistance area at 1.5997 (76.4% Fibonacci retracement, 61.8% Fibonacci extension, 50% Fibonacci retracement) where we expect to see a reversal, causing price to drop to its support at 1.5923 (61.8% Fibonacci extension, 50% Fibonacci retracement).
Stochastic (89, 5, 3) is approaching its resistance at 95% where we expect to see a corresponding reversal.
Reason for the trading strategy (technically):
EURAUD is testing its resistance area at 1.5997 (76.4% Fibonacci retracement, 61.8% Fibonacci extension, 50% Fibonacci retracement) where we expect to see a reversal, causing price to drop to its support at 1.5923 (61.8% Fibonacci extension, 50% Fibonacci retracement).
Stochastic (89, 5, 3) is approaching its resistance at 95% where we expect to see a corresponding reversal.