Sell below 0.7548. Stop loss at 0.7573. Take profit at 0.7472.
Reason for the trading strategy (technically):
Price is now reacting off major resistance at 0.7548 (horizontal swing high resistance, Fibonacci extension) and we expect a strong drop from this level to at least 0.7472 (Fibonacci retracement, horizontal overlap support).
Stochastic (34,5,3) is seeing strong resistance below our 95% level where we expect a further drop from.
Correlation analysis: Overall AUD weakness expected today with a drop on AUDUSD and AUDJPY.
Reason for the trading strategy (technically):
Price is now reacting off major resistance at 0.7548 (horizontal swing high resistance, Fibonacci extension) and we expect a strong drop from this level to at least 0.7472 (Fibonacci retracement, horizontal overlap support).
Stochastic (34,5,3) is seeing strong resistance below our 95% level where we expect a further drop from.
Correlation analysis: Overall AUD weakness expected today with a drop on AUDUSD and AUDJPY.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.