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Daily – AUDUSD testing major resistance, remain bearish for a drop from here

Published on: 2017-07-13 01:00 GMT

Sell below 0.7683. Stop loss at 0.7700. Take profit at 0.7625.

Reason for the trading strategy (technically):
Price is now testing major resistance at 0.7683 (Fibonacci retracement, Fibonacci extension, horizontal swing high resistance) and we expect to see a reaction off this level to push price down to at least 0.7625 support (Fibonacci retracement, horizontal pullback support).

Stochastic (34,5,3) is seeing strong resistance below 97% where we expect a drop from soon.