Sell below 0.7668. Stop loss at 0.7695. Take profit at 0.7603.
Reason for the trading strategy (technically):
Price has broke our long term ascending support-turned-resistance line triggering a bearish exit to push price down. The goal is to sell below 0.7668 resistance (Fibonacci retracement, bearish pullback resistance, horizontal pullback resistance) for a drop towards 0.7603 (Fibonacci retracement, horizontal overlap support).
RSI (34) has broken a key 45% level signalling a further drop is expected.
Reason for the trading strategy (fundamentally):
The main news event driving USD today is the U.S. ISM Manufacturing survey. It is one of the biggest market moving economic releases because of its Prices Paid and Employment subcomponents which reflect sentiment towards inflation and labor conditions - two of the market's most significant health indicators. A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD. We’re expecting forecasts of an increase which means a bullish USD is expected, this goes in line with our bearish AUDUSD strategy view.