AUDNZD Testing Key Support, Prepare For A Bounce
AUDNZD is now testing a major support level which is a good buying opportunity.
Buy above 1.0551. Stop loss at 1.0474. Take profit at 1.0823.
Reason for the trading strategy (technically):
Price is now testing major support at 1.0551 (Fibonacci retracement, horizontal overlap support, Fibonacci extension, bullish harmonic formation) and a strong bounce could occur at this level to push prices up to at least 1.0823 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (34,5,3) is seeing major support above 2.5% where a corresponding bounce could occur.
Buy above 1.0551. Stop loss at 1.0474. Take profit at 1.0823.
Reason for the trading strategy (technically):
Price is now testing major support at 1.0551 (Fibonacci retracement, horizontal overlap support, Fibonacci extension, bullish harmonic formation) and a strong bounce could occur at this level to push prices up to at least 1.0823 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (34,5,3) is seeing major support above 2.5% where a corresponding bounce could occur.