AUDUSD Approaching Support, Prepare For A Bounce!
Buy above 0.7560.
Stop loss 0.7513.
Take profit at 0.7659.
Reason for the trading strategy (technically):
AUDUSD is approaching its support at 0.7560 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing low support) where we expect to see a bounce, causing price to rise to its resistance at 0.7659 (61.8% & 50% Fibonacci retracement, horizontal overlap resistance).
Stochastic (89, 5, 3) is approaching its support at 9.6% where a corresponding bounce is expected.
Stop loss 0.7513.
Take profit at 0.7659.
Reason for the trading strategy (technically):
AUDUSD is approaching its support at 0.7560 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing low support) where we expect to see a bounce, causing price to rise to its resistance at 0.7659 (61.8% & 50% Fibonacci retracement, horizontal overlap resistance).
Stochastic (89, 5, 3) is approaching its support at 9.6% where a corresponding bounce is expected.