AUDUSD bounced perfectly and reached our profi target. Sell
Sell below 0.7979. Stop loss at 0.8003. Take profit at 0.7909.
Reason for the trading strategy (technically):
Price bounced perfectly from our buying area and reached our profit target. We prepare to sell below 0.7979 resistance (Fibonacci retracement, Fibonacci extension, horizontal swing high resistance, bearish divergence) for a push down to at least 0.7909 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,5,3) is seeing bearish divergence vs price signalling that a reversal is impending.
Reason for the trading strategy (technically):
Price bounced perfectly from our buying area and reached our profit target. We prepare to sell below 0.7979 resistance (Fibonacci retracement, Fibonacci extension, horizontal swing high resistance, bearish divergence) for a push down to at least 0.7909 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,5,3) is seeing bearish divergence vs price signalling that a reversal is impending.