AUDUSD approaching our selling area, remain bearish
Sell below 0.7868. Stop loss at 0.7913. Take profit at 0.7791.
Reason for the trading strategy (technically):
Price has reversed nicely below our selling area last week. We remain bearish looking to sell on the pullback to the resistance area of 0.7868 (Fibonacci retracement, overlap resistance, bearish price action) for a further push down to at least 0.7791 support (Fibonacci extension, Elliott wave theory).
Stochastic (21,3,1) is seeing major resistance at 98% and still has good downside potential to play our drop.
Reason for the trading strategy (technically):
Price has reversed nicely below our selling area last week. We remain bearish looking to sell on the pullback to the resistance area of 0.7868 (Fibonacci retracement, overlap resistance, bearish price action) for a further push down to at least 0.7791 support (Fibonacci extension, Elliott wave theory).
Stochastic (21,3,1) is seeing major resistance at 98% and still has good downside potential to play our drop.