AUD/USD bounced perfectly above our buying area and reached our profit target. Prepare to sell

The price bounced perfectly from our buying area and reached our profit target. We prepare to sell below 0.7979 resistance (Fibonacci retracement, Fibonacci extension, horizontal swing high resistance, bearish divergence) for a push down to at least 0.7909 support (Fibonacci retracement, horizontal overlap support).

Stochastic (34,5,3) is seeing bearish divergence vs price signaling that a reversal is impending.

Sell below 0.7979. Stop loss is at 0.8003. Take profit is at 0.7909.

analytics59a621237e20f.png

The material has been provided by InstaForex Company - www.instaforex.com