FX.co ★ AUD/NZD Trading Recommendations for 9th August 2016

Price reached our profit target perfectly yesterday. Today we turn bearish below 1.0740 major resistance (horizontal resistance + Fibonacci projection) for a new drop to 1.0630.

Stochastics (21,5,3) has turned down strongly from 94% resistance signaling a bearish move is in progress.

Trading Recommendations:

Sell below 1.0740.

Stop Loss at 1.0825.

Take profit at 1.0630.