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FX.co ★ AUD/USD profit target reached, prepare to sell

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Forex Analysis:::2017-03-21T10:53:10

AUD/USD profit target reached, prepare to sell

Price has reached our profit target perfectly. Now we are ready to sell below 0.7740 resistance (Fibonacci extension, horizontal resistance, bearish divergence) for a push down to 0.7663 support (Fibonacci retracement, horizontal overlap support). Stop loss is at 0.7767 (Elliott wave theory, Fibonacci extension) in case price makes a further push up before dropping.

Stochastic (21,5,3) is seeing resistance at 93% and also bearish divergence vs price.

Sell below 0.7740. Stop loss at 0.7767. Take profit at 0.7663.

AUD/USD profit target reached, prepare to sell

Analyst InstaForex
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