AUDUSD Approaching Major Support, Prepare To Buy
AUDUSD is approaching major support which presents us with a good buying opportunity to play the bounce.
Buy above 0.7639. Stop loss at 0.7577. Take profit at 0.7779.
Reason for the trading strategy (technically):
Price is approaching major support at 0.7639 (Fibonacci retracement, Fibonacci extension, horizontal swing low support) and a nice bounce could occur at this level to push prices up to resistance at 0.7779 (Fibonacci retracement, horizontal overlap resistance).
Stochastic (34,5,3) is seeing strong support above 2.9% and is bouncing up nicely with good upside potential.
Buy above 0.7639. Stop loss at 0.7577. Take profit at 0.7779.
Reason for the trading strategy (technically):
Price is approaching major support at 0.7639 (Fibonacci retracement, Fibonacci extension, horizontal swing low support) and a nice bounce could occur at this level to push prices up to resistance at 0.7779 (Fibonacci retracement, horizontal overlap resistance).
Stochastic (34,5,3) is seeing strong support above 2.9% and is bouncing up nicely with good upside potential.