AUDUSD Reversed Off Resistance, Prepare For Further Drop!
Sell below 0.7320.
Stop loss at 0.7245.
Take profit at 0.7364.
Reason for the trading strategy (technically):
AUDUSD reversed off its resistance at 0.7320 (100% & 61.8% Fibonacci extension, 38.2% & 23.6% Fibonacci retracement, horizontal overlap resistance) where it is expected to drop further to its support at 0.7245 (61.8% Fibonacci retracement).
Stochastic (55, 5, 3) reversed off its resistance at 97% where a corresponding drop is expected.
Stop loss at 0.7245.
Take profit at 0.7364.
Reason for the trading strategy (technically):
AUDUSD reversed off its resistance at 0.7320 (100% & 61.8% Fibonacci extension, 38.2% & 23.6% Fibonacci retracement, horizontal overlap resistance) where it is expected to drop further to its support at 0.7245 (61.8% Fibonacci retracement).
Stochastic (55, 5, 3) reversed off its resistance at 97% where a corresponding drop is expected.