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MEX_Exchange
Aug 18, 2017 2:12 AM

AUDUSD profit target reached perfectly, prepare to buy Long

Australian Dollar/U.S. DollarFXCM

Description

Buy above 0.7877. Stop loss at 0.7846. Take profit at 0.7938.
Reason for the trading strategy (technically):
Price has dropped perfectly from our selling area and has reached our profit target. We prepare to buy above major support at 0.7846 (Fibonacci retracement, horizontal pullback support) for a push up to at least 0.7938 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (21,5,3) is seeing strong support above 7.2% where we expect a bounce from.
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