FX.co ★ AUD/USD remains bearish for a further drop

Price has dropped perfectly from our selling area yesterday. We remain bearish looking to sell on strength below 0.7931 resistance (Fibonacci retracement, horizontal overlap resistance) for a further push down to 0.7875 support (Fibonacci extension, horizontal swing low support). We also shift our stop loss to 0.7950 to protect our running profits.

RSI (34) sees a descending resistance line holding our bearish momentum really nicely.

Sell below 0.7931. Set stop loss at 0.7950 and take profit at 0.7875.