AUDUSD dropping nicely, remain bearish
Sell below 0.7668. Stop loss at 0.7695. Take profit at 0.7603.
Reason for the trading strategy (technically):
We remain bearish with price having broken our long term ascending support-turned-resistance line triggering a bearish exit to push price down. The goal is to sell below 0.7668 resistance (Fibonacci retracement, bearish pullback resistance, horizontal pullback resistance) for a drop towards 0.7603 (Fibonacci retracement, horizontal overlap support).
RSI (21) is seeing major resistance below the 64% level.
Reason for the trading strategy (technically):
We remain bearish with price having broken our long term ascending support-turned-resistance line triggering a bearish exit to push price down. The goal is to sell below 0.7668 resistance (Fibonacci retracement, bearish pullback resistance, horizontal pullback resistance) for a drop towards 0.7603 (Fibonacci retracement, horizontal overlap support).
RSI (21) is seeing major resistance below the 64% level.