AUD/USD dropping towards profit target, remain bearish for a further drop

The price has dropped perfectly from our selling area and is fast approaching our profit target, we can also see that it has broken a major support-turned-resistance line signaling that a change in momentum has occurred to bearish. We remain bearish below 0.7928 resistance (Fibonacci retracement, horizontal overlap resistance) for a further push down to at least 0.7874 support (Fibonacci retracement, horizontal overlap support). We move our stop loss to 0.7954 to protect our profits.

RSI (34) sees a bearish exit signal a major change in momentum to bearish.

Sell below 0.7928. Stop loss is at 0.7954. Take profit is at 0.7874.


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