FX.co ★ AUD/USD Elliott Wave trading recommendations for 7th June 2016

AUD/USD is starting to look good for a drop from here since our analysis yesterday. The RSI has formed a bearish divergence vs the price and gives us more confidence of a drop from here to 0.7225. We're also at a key fibonacci retracement level now.

Trading recommendations:

Sell now

Take profit at 0.7225

Stop loss at 0.7500