AUDUSD Testing Resistance, Prepare For Reversal!
Sell below 0.7349.
Stop loss at 0.7395.Take profit at 0.7284.
Reason for the trading strategy (technically):
AUDUSD is testing its resistance at 0.7349 (100% Fibonacci extension, 61.8% & 50% Fibonacci retracement, horizontal overlap resistance) where a reversal to its support at 0.7284 (50% Fibonacci retracement, horizontal overlap support) is expected.
Stochastic (55, 5, 3) has reversed off its resistance at 97% where a corresponding drop is expected.
Stop loss at 0.7395.Take profit at 0.7284.
Reason for the trading strategy (technically):
AUDUSD is testing its resistance at 0.7349 (100% Fibonacci extension, 61.8% & 50% Fibonacci retracement, horizontal overlap resistance) where a reversal to its support at 0.7284 (50% Fibonacci retracement, horizontal overlap support) is expected.
Stochastic (55, 5, 3) has reversed off its resistance at 97% where a corresponding drop is expected.