The price has dropped absolutely perfectly from our selling area as expected and is fast approaching our profit target. We remain bearish looking to sell below 0.7802 resistance (Fibonacci retracement, horizontal pullback resistance) for a further drop to at least 0.7741 support (Fibonacci retracement, horizontal pullback support).
Stochastic (34,5,3) is dropping nicely from our 96% resistance as expected.
Correlation analysis: AUD weakness is expected today with AUD/JPY similarly testing major resistance and expecting a drop.
Sell below 0.7802. Stop loss is at 0.7843. Take profit is at 0.7741.
