Sell below 0.7454. Stop loss at 0.7476. Take profit at 0.7397.
Reason for the trading strategy (technically):
We prepare to sell below 0.7454 resistance (Fibonacci extension, Fibonacci retracement, horizontal pullback
resistance) for a drop towards 0.7397 support (Fibonacci retracement, horizontal overlap support).
Stochastic (21,5,3) is seeing strong resistance at 95% level where we expect Stochastic to rise to before seeing a
Correlation analysis: AUDUSD has a strong positive correlation with NZDUSD which means they usually move
together. We are expecting a rise on AUDUSD and a rise on NZDUSD which goes in line with this correlation.
Latest posts by admin (see all)
- Currency Pairs in Forex- 8 methods on how to find them - October 22, 2017
- Online Forex Trading: The Benefits and Dangers - October 22, 2017
- How to Use Currency Strength for Trading Success - October 21, 2017
Winner’s Edge Trading, as seen on: