AUDUSD dropping nicely, remain bearish
Sell below 0.7630. Stop loss at 0.7660. Take profit at 0.7537.
Reason for the trading strategy (technically):
Price has dropped perfectly from our selling area. We look to sell on strength below major resistance at 0.7629 (Fibonacci retracement, horizontal overlap resistance) for a further push down to at least 0.7537 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,3,1) has made a bearish exit signalling further bearish momentum is expected.
Reason for the trading strategy (technically):
Price has dropped perfectly from our selling area. We look to sell on strength below major resistance at 0.7629 (Fibonacci retracement, horizontal overlap resistance) for a further push down to at least 0.7537 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,3,1) has made a bearish exit signalling further bearish momentum is expected.