AUDUSD testing major resistance, time to sell
Sell below 0.7630. Stop loss at 0.7743. Take profit at 0.7514 before 0.7374.
Reason for the trading strategy (technically):
Price is now back to testing major resistance at 0.7630 (Fibonacci retracement Fibonacci extension, horizontal overlap resistance) and we expect to see a nice reaction off this level to push price down to at least 0.7514 before 0.7374.
RSI (34) is starting to make a bullish breakout above our long term descending resistance line and we have to be careful that it’s not turning a corner around here.
Reason for the trading strategy (technically):
Price is now back to testing major resistance at 0.7630 (Fibonacci retracement Fibonacci extension, horizontal overlap resistance) and we expect to see a nice reaction off this level to push price down to at least 0.7514 before 0.7374.
RSI (34) is starting to make a bullish breakout above our long term descending resistance line and we have to be careful that it’s not turning a corner around here.