Sell below 0.7491. Stop loss at 0.7531. Take profit at 0.7405.
Reason for the trading strategy (technically):
Price has broken a major ascending support-turned-resistance line and we expect a strong drop from here. We prepare to sell below strong resistance at 0.7491 (Fibonacci retracement, horizontal overlap resistance, pullback resistance) for a push down all the way to 0.7405 support (Fibonacci retracement, Fibonacci extension, horizontal swing low support).
RSI (34) is starting to see our support-turned-resistance line broken which would trigger a corresponding drop in price.
Correlation analysis: We are expecting commodities weakness with AUDUSD and NZDUSD both expecting drops.
Reason for the trading strategy (technically):
Price has broken a major ascending support-turned-resistance line and we expect a strong drop from here. We prepare to sell below strong resistance at 0.7491 (Fibonacci retracement, horizontal overlap resistance, pullback resistance) for a push down all the way to 0.7405 support (Fibonacci retracement, Fibonacci extension, horizontal swing low support).
RSI (34) is starting to see our support-turned-resistance line broken which would trigger a corresponding drop in price.
Correlation analysis: We are expecting commodities weakness with AUDUSD and NZDUSD both expecting drops.
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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.