AUDUSD Approaching Resistance, Prepare For A Reversal
97
Sell below 0.7212. Stop loss 0.7276. Take profit at 0.7130. Reason for the trading strategy (technically): AUDUSD is approaching its resistance at 0.7212(100% & 61.8% Fibonacci extension, 38.2% & 23.6% Fibonacci retracement, horizontal overlap resistance) where it is expected to reverse down to its support at 0.7130 (61.8% Fibonacci retracement, horizontal pullback support). Stochastic (89, 5, 3) is approaching its resistance at 98% where a corresponding reversal is expected.