AUDUSD broken major ascending support triggering a bearish move!
Sell below 0.8036. Stop loss at 0.8126. Take profit at 0.7894.
Reason for the trading strategy (technically):
Price has finally broken our major ascending support triggering a bearish move below our pullback resistance at 0.8036 (Fibonacci retracement, horizontal overlap support, ascending support, bearish divergence). We now expect an influx of bearish momentum to see the big drop down to 0.7894 support (Fibonacci retracement).
RSI (34) is starting to break our 46% support-turned-resistance level.
Reason for the trading strategy (technically):
Price has finally broken our major ascending support triggering a bearish move below our pullback resistance at 0.8036 (Fibonacci retracement, horizontal overlap support, ascending support, bearish divergence). We now expect an influx of bearish momentum to see the big drop down to 0.7894 support (Fibonacci retracement).
RSI (34) is starting to break our 46% support-turned-resistance level.