AUDUSD profit target reached perfectly, remain bearish
Sell below 0.7894. Stop loss at 0.7921. Take profit at 0.7854.
Reason for the trading strategy (technically):
Price has dropped perfectly and reached our profit target. We remain bearish looking to sell below 0.7894 resistance (Fibonacci retracement, horizontal overlap resistance) for a further push down to at least 0.7854 support (Fibonacci extension, horizontal swing low support).
RSI (55) sees a descending resistance line holding our bearish momentum really nicely.
Reason for the trading strategy (technically):
Price has dropped perfectly and reached our profit target. We remain bearish looking to sell below 0.7894 resistance (Fibonacci retracement, horizontal overlap resistance) for a further push down to at least 0.7854 support (Fibonacci extension, horizontal swing low support).
RSI (55) sees a descending resistance line holding our bearish momentum really nicely.