AUDUSD testing major support, buy for corrective bounce
Buy above 0.7913. Stop loss at 0.7869. Take profit at 0.7986.
Reason for the trading strategy (technically):
Price has dropped strongly and is now testing major support at 0.7916 (Fibonacci extension, Fibonacci retracement). We expect to see a corrective bounce from this level to push price up to at least 0.7986 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (34,5,3) is seeing major support above 4.7% where we expect a bounce from too.
Reason for the trading strategy (technically):
Price has dropped strongly and is now testing major support at 0.7916 (Fibonacci extension, Fibonacci retracement). We expect to see a corrective bounce from this level to push price up to at least 0.7986 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (34,5,3) is seeing major support above 4.7% where we expect a bounce from too.