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.
Winners Edge Trading was founded in 2009 and is working to create the most current and useful Forex information and training available on the internet.
Winner’s Edge Trading, as seen on: