AUDUSD continues to test major resistance, remain bearish
Sell below 0.8018. Stop loss at 0.8116. Take profit at 0.7817.
Reason for the trading strategy (technically):
Price continues to test major resistance at 0.8018 (Fibonacci retracement, Fibonacci extension, bearish divergence) and we expect a drop from this level to push price down to at least 0.7817 support (Fibonacci retracement, horizontal swing low support).
RSI (34) sees ascending support as more intermediate support and only a break of this level would trigger a very bearish move. We can also see bearish divergence vs price signalling that a reversal is impending.
Reason for the trading strategy (technically):
Price continues to test major resistance at 0.8018 (Fibonacci retracement, Fibonacci extension, bearish divergence) and we expect a drop from this level to push price down to at least 0.7817 support (Fibonacci retracement, horizontal swing low support).
RSI (34) sees ascending support as more intermediate support and only a break of this level would trigger a very bearish move. We can also see bearish divergence vs price signalling that a reversal is impending.