AUDUSD Approaching Major Support, Watch For The Bounce
AUDUSD is fast approaching a really key support level where we expect a really strong bounce from.
Buy above 0.7639. Stop loss at 0.7577. Take profit at 0.7779.
Reason for the trading strategy (technically):
Price is fast approaching major support at 0.7639 (Fibonacci retracement, horizontal swing low support, Fibonacci extension) and we expect a strong bounce from this level to push prices up to major resistance at 0.7779 (Fibonacci retracement, horizontal overlap resistance).
Stochastic (55,5,3) is seeing strong support above 2.9% where a corresponding bounce could occur.
Buy above 0.7639. Stop loss at 0.7577. Take profit at 0.7779.
Reason for the trading strategy (technically):
Price is fast approaching major support at 0.7639 (Fibonacci retracement, horizontal swing low support, Fibonacci extension) and we expect a strong bounce from this level to push prices up to major resistance at 0.7779 (Fibonacci retracement, horizontal overlap resistance).
Stochastic (55,5,3) is seeing strong support above 2.9% where a corresponding bounce could occur.