AUDUSD dropping nicely, remain bullish
Sell below 0.7629. Stop loss at 0.7670. Take profit at 0.7537.
Reason for the trading strategy (technically):
Price continues to drop nicely from our selling area. We remain bearish looking to sell on strength below major resistance at 0.7629 (Fibonacci retracement, horizontal overlap resistance, channel resistance, Fibonacci extension, bearish divergence) and we expect to see a strong drop from this level to push price down to at least 0.7537 support (Fibonacci extension, horizontal swing low support).
Stochastic (55,3,1) is seeing strong resistance at 96% where we expect a corresponding reaction off. We can also see bearish divergence vs price signalling that a strong drop is impending.
Reason for the trading strategy (technically):
Price continues to drop nicely from our selling area. We remain bearish looking to sell on strength below major resistance at 0.7629 (Fibonacci retracement, horizontal overlap resistance, channel resistance, Fibonacci extension, bearish divergence) and we expect to see a strong drop from this level to push price down to at least 0.7537 support (Fibonacci extension, horizontal swing low support).
Stochastic (55,3,1) is seeing strong resistance at 96% where we expect a corresponding reaction off. We can also see bearish divergence vs price signalling that a strong drop is impending.