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AUDUSD approaching major resistance, prepare to sell

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
reaction.
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.

AUDUSD

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About Louie Lewis

Louie Lewis
Successful forex trading starts with you first. Then comes the actual strategies and techniques. I have been involved with forex and forex trading for a few years now. It is a wonderful way to build wealth. The learning never stops and I want to help others along their journey into this wonderful market of opportunity.

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