AUD/USD still testing key resistance, remain bearish
May 25, 2017 3:45 pm
We sell below major resistance at 0.7510 (Fibonacci extension, horizontal overlap resistance) and keep a really tight stop loss at 0.7526. We expect price to drop to at least the 0.7441 support level (Fibonacci retracement, horizontal swing low support).
RSI (34) sees major resistance below the 65 % level where we hope to see price drop from.
Correlation analysis: AUD/USD has a strong positive correlation with NZD/USD which means they usually move together. We are expecting a drop on AUD/USD and a drop on NZD/USD which goes in line with this correlation.
Sell below 0.7510. Stop loss at 0.7526. Take profit at 0.7441.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
We sell below major resistance at 0.7510 (Fibonacci extension, horizontal overlap resistance) and keep a really tight stop loss at 0.7526. We expect price to drop to at least the 0.7441 support level (Fibonacci retracement, horizontal swing low support).
RSI (34) sees major resistance below the 65 % level where we hope to see price drop from.
Correlation analysis: AUD/USD has a strong positive correlation with NZD/USD which means they usually move together. We are expecting a drop on AUD/USD and a drop on NZD/USD which goes in line with this correlation.
Sell below 0.7510. Stop loss at 0.7526. Take profit at 0.7441.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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