AUDUSD testing major resistance, remain bearish
Sell below 0.7589. Stop loss at 0.7622. Take profit at 0.7514.
Reason for the trading strategy (technically):
We remain bearish looking to sell below 0.7589 resistance (Fibonacci retracement, horizontal overlap resistance, bearish divergence) for a push down to 0.7514 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,5,3) is seeing major resistance below the 93% level where we expect a corresponding drop in price from. We can also see bearish divergence vs price signalling that a drop is impending.
To read about the daily technical analysis strategies in more detail, you can check them out here : theforexarmy.com/forex-scalping-strategy/daily-technical-analysis/18th-april-2017/
Reason for the trading strategy (technically):
We remain bearish looking to sell below 0.7589 resistance (Fibonacci retracement, horizontal overlap resistance, bearish divergence) for a push down to 0.7514 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,5,3) is seeing major resistance below the 93% level where we expect a corresponding drop in price from. We can also see bearish divergence vs price signalling that a drop is impending.
To read about the daily technical analysis strategies in more detail, you can check them out here : theforexarmy.com/forex-scalping-strategy/daily-technical-analysis/18th-april-2017/
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