AUDUSD remain bearish for a further drop
Sell below 0.7992. Stop loss at 0.8047. Take profit at 0.7875.
Reason for the trading strategy (technically):
Price has broken our ascending support-turned-resistance line triggering a bearish move from here. We look to sell below major resistance at 0.7992 (Fibonacci retracement, horizontal overlap resistance, pullback resistance) for a push down all the way to 0.7875 support (Fibonacci retracement, Fibonacci extension, horizontal swing low support).
RSI (34) sees our ascending support-turned-resistance line broken triggering a bearish drop from here.
Correlation analysis: We are expecting commodities weakness with AUDUSD and NZDUSD both expecting drops.
Reason for the trading strategy (technically):
Price has broken our ascending support-turned-resistance line triggering a bearish move from here. We look to sell below major resistance at 0.7992 (Fibonacci retracement, horizontal overlap resistance, pullback resistance) for a push down all the way to 0.7875 support (Fibonacci retracement, Fibonacci extension, horizontal swing low support).
RSI (34) sees our ascending support-turned-resistance line broken triggering a bearish drop from here.
Correlation analysis: We are expecting commodities weakness with AUDUSD and NZDUSD both expecting drops.