AUDUSD is Approaching Its Resistance, Prepare For A Drop

Published on: 2018-04-13 03:22 GMT

AUDUSD is approaching its resistance, we expect to see a drop.

Sell below 0.7777. Stop loss at 0.7813. Take profit at 0.7725.

Reason for the trading strategy (technically):

AUDUSD is approaching its resistance at 0.7777 (61.8% Fibonacci extension, 50% Fibonacci retracement, 38.2% Fibonacci retracement, horizontal overlap support) where we expect to see a reversal, pushing price down to its support at 0.7725 (61.8% Fibonacci extension, 38.2% Fibonacci retracement, 38.2% Fibonacci retracement, horizontal overlap support).

Stochastic (89, 5, 3) is approaching its resistance at 96% where we expect to see a corresponding reaction.