AUDUSD Reversed Off Resistance, Prepare For Further Drop
Sell below 0.7227.
Stop loss at 0.7265.
Take profit at 0.7144.
Reason for the trading strategy (technically):
AUDUSD reversed off its resistance at 0.7227 (61.8% Fibonacci extension, 50%, 38.2%, 23.6% Fibonacci retracement, horizontal swing high resistance) where it is expected to drop further to its support at 0.7144 (61.8% Fibonacci retracement, horizontal swing low support).
Stochastic (55, 5, 3) reversed off its resistance at 94% where a corresponding drop is expected.
Stop loss at 0.7265.
Take profit at 0.7144.
Reason for the trading strategy (technically):
AUDUSD reversed off its resistance at 0.7227 (61.8% Fibonacci extension, 50%, 38.2%, 23.6% Fibonacci retracement, horizontal swing high resistance) where it is expected to drop further to its support at 0.7144 (61.8% Fibonacci retracement, horizontal swing low support).
Stochastic (55, 5, 3) reversed off its resistance at 94% where a corresponding drop is expected.