Sell below 0.7146. Stop loss at 0.7126. Take profit at 0.7056.
Reason for the trading strategy (technically):
Price is now testing major resistance at 0.7146 (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension) and we expect to see a strong reaction off this level to push price down to at least 0.7056 support (Fibonacci extension, horizontal swing low support) once again.
Stochastic (34,3,1) is at major resistance at and we expect to see a strong reaction off this level too.
Correlation analysis: We’re seeing commodities weakness with drops expected on AUDUSD, AUDJPY and NZDUSD.
Reason for the trading strategy (technically):
Price is now testing major resistance at 0.7146 (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension) and we expect to see a strong reaction off this level to push price down to at least 0.7056 support (Fibonacci extension, horizontal swing low support) once again.
Stochastic (34,3,1) is at major resistance at and we expect to see a strong reaction off this level too.
Correlation analysis: We’re seeing commodities weakness with drops expected on AUDUSD, AUDJPY and NZDUSD.
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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.