AUDUSD right on major resistance, time to start selling
Sell below 0.7868. Stop loss at 0.7910. Take profit at 0.7794.
Reason for the trading strategy (technically):
Price is testing major resistance at 0.7868 (Fibonacci retracement, horizontal overlap resistance) and we expect to see a strong reaction from this level to push price down to at least 0.7794 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,3,1) is seeing major resistance below 98% and we expect to see a strong reaction off this level too.
Reason for the trading strategy (technically):
Price is testing major resistance at 0.7868 (Fibonacci retracement, horizontal overlap resistance) and we expect to see a strong reaction from this level to push price down to at least 0.7794 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,3,1) is seeing major resistance below 98% and we expect to see a strong reaction off this level too.