AUD/USD turn bearish with the break of major support
August 2, 2017 2:03 am
The price has broken our ascending support-turned-resistance line triggering a bearish move from here. We look to sell below major resistance at 0.7996 (Fibonacci retracement, horizontal overlap resistance, pullback resistance) for a push down all the way to 0.7875 support (Fibonacci retracement, Fibonacci extension, horizontal swing low support).
RSI (34) sees our ascending support-turned-resistance line broken triggering a bearish drop from here.
Correlation analysis: We are expecting commodities weakness with AUD/USD and NZD/USD both expecting drops.
Sell below 0.7996. Stop loss is at 0.8047. Take profit is at 0.7875.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
The price has broken our ascending support-turned-resistance line triggering a bearish move from here. We look to sell below major resistance at 0.7996 (Fibonacci retracement, horizontal overlap resistance, pullback resistance) for a push down all the way to 0.7875 support (Fibonacci retracement, Fibonacci extension, horizontal swing low support).
RSI (34) sees our ascending support-turned-resistance line broken triggering a bearish drop from here.
Correlation analysis: We are expecting commodities weakness with AUD/USD and NZD/USD both expecting drops.
Sell below 0.7996. Stop loss is at 0.8047. Take profit is at 0.7875.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: