0Comments

AUD/USD Testing Support, Prepare For Bounce

AUD/USD is approaching its support at 0.7243 (61.8% Fibonacci extension, 76.4% Fibonacci retracement, horizontal overlap support) where the price is expected to bounce up to its resistance at 0.7311 (50% Fibonacci retracement, horizontal pullback resistance). Stochastic (55, 5, 3) is testing its support at 3.8% where a corresponding bounce is expected. AUD/USD is testing its support where we expect to see a bounce.
by Jeff Wecker
0Comments

EUR/AUD Reversed Off Resistance, Prepare For Further Drop

EUR/AUD reversed off its resistance at 1.5954(61.8% Fibonacci extension, 76.4% Fibonacci retracement, horizontal swing high resistance) where it is expected to drop further to its support at 1.5734 (61.8% Fibonacci retracement, horizontal overlap support). Stochastic (89, 5, 3) reversed off its resistance at 97% where a corresponding drop is expected. EUR/AUD reversed off its resistance where we expect to see a further drop. Sell below 1.5954. Stop loss at 1.6066. Take profit at 1.5734.
by Jeff Wecker