AUDUSD broken major support, time to start selling
Sell below 0.7868. Stop loss at 0.7913. Take profit at 0.7791.
Reason for the trading strategy (technically):
Price has broken a major support level and we look to sell on the pullback to this resistance area of 0.7868 (Fibonacci retracement, overlap resistance, bearish price action, descending resistance) for a push down to at least 0.7791 support (Fibonacci extension, Elliott wave theory).
RSI (55) sees a descending resistance line keep us in our bearish bias.
Reason for the trading strategy (technically):
Price has broken a major support level and we look to sell on the pullback to this resistance area of 0.7868 (Fibonacci retracement, overlap resistance, bearish price action, descending resistance) for a push down to at least 0.7791 support (Fibonacci extension, Elliott wave theory).
RSI (55) sees a descending resistance line keep us in our bearish bias.