AUDUSD shot up perfectly to our profit target, prepare to sell
Sell below 0.7963. Stop loss at 0.7984. Take profit at 0.7869.
Reason for the trading strategy (technically):
Price has shot up perfectly as expected and has reached our profit target perfectly. We are now approaching major resistance at 0.7963 (Fibonacci retracement, Fibonacci extension, horizontal swing high resistance, Elliott wave theory) and we expect a strong reaction off this level to push price down to 0.7869 support (Fibonacci retracement, multiple horizontal swing low support).
Stochastic (34,5,3) is seeing major resistance below 95% where we expect a corresponding drop similar to the one we’re expecting on price.
Reason for the trading strategy (technically):
Price has shot up perfectly as expected and has reached our profit target perfectly. We are now approaching major resistance at 0.7963 (Fibonacci retracement, Fibonacci extension, horizontal swing high resistance, Elliott wave theory) and we expect a strong reaction off this level to push price down to 0.7869 support (Fibonacci retracement, multiple horizontal swing low support).
Stochastic (34,5,3) is seeing major resistance below 95% where we expect a corresponding drop similar to the one we’re expecting on price.