Buy above 1.5879. Stop loss at 1.5839. Take profit at 1.5976.
Reason for the trading strategy (technically):
EURAUD is approaching its support area at 1.5879 (61.8% Fibonacci extension, 100% Fibonacci extension, horizontal swing low support) where we expect to see a bounce, pushing price up all the way to its resistance at 1.5976 (50% Fibonacci retracement, horizontal overlap resistance).
Stochastic (55, 5, 3) is approaching its support at 5.49% where we expect to see a corresponding bounce. A bullish divergence with price has also been identified which contributes to our bullish bias.
Reason for the trading strategy (technically):
EURAUD is approaching its support area at 1.5879 (61.8% Fibonacci extension, 100% Fibonacci extension, horizontal swing low support) where we expect to see a bounce, pushing price up all the way to its resistance at 1.5976 (50% Fibonacci retracement, horizontal overlap resistance).
Stochastic (55, 5, 3) is approaching its support at 5.49% where we expect to see a corresponding bounce. A bullish divergence with price has also been identified which contributes to our bullish bias.