AUDUSD remain bearish for a further drop
Sell below 0.7837. Stop loss at 0.7904. Take profit at 0.7738.
Reason for the trading strategy (technically):
Price has whipsawed around our entry yesterday. We remain bearish below 0.7837 resistance (Fibonacci retracement support-turned-resistance, pullback resistance) for a further drop to at least 0.7738 support (Fibonacci extension, horizontal swing low support).
Stochastic (55,3,1) is dropping nicely from our 97% resistance and has good downside potential.
Reason for the trading strategy (technically):
Price has whipsawed around our entry yesterday. We remain bearish below 0.7837 resistance (Fibonacci retracement support-turned-resistance, pullback resistance) for a further drop to at least 0.7738 support (Fibonacci extension, horizontal swing low support).
Stochastic (55,3,1) is dropping nicely from our 97% resistance and has good downside potential.