AUDUSD Strategic View: Testing major resistance, time to sell
Sell below 0.7550. Stop loss at 0.7620. Take profit at 0.7370.
Reason for the trading strategy:
Price is now reacting off major resistance at 0.7550 (Fibonacci retracement, horizontal swing high resistance, Fibonacci extension) and we expect to see a strong reaction off this level for a drop to at least 0.7370 support (Fibonacci extension, horizontal swing low support).
RSI (34) is seeing major resistance at 95% where we expect a strong drop from.
Reason for the trading strategy:
Price is now reacting off major resistance at 0.7550 (Fibonacci retracement, horizontal swing high resistance, Fibonacci extension) and we expect to see a strong reaction off this level for a drop to at least 0.7370 support (Fibonacci extension, horizontal swing low support).
RSI (34) is seeing major resistance at 95% where we expect a strong drop from.