AUDUSD Bounced Nicely Off Its Support, Prepare For Further Rise
Buy above 0.7490. Stop loss 0.7421. Take profit at 0.7649.
Reason for the trading strategy (technically):
AUDUSD bounced nicely off its support at 0.7490 (100% Fibonacci extension, 100% Fibonacci extension, 78.6% Fibonacci retracement, horizontal overlap support) where we expect to see price rising to its resistance at 0.7649 (50% Fibonacci retracement, 38.2% Fibonacci retracement, horizontal pullback resistance). We do have to be cautious of the intermediate resistance at 0.7582 (23.6% Fibonacci retracement, horizontal overlap resistance).
Stochastic (89, 5, 3) bounced off its support at 1.94% where a corresponding rise is expected.
Reason for the trading strategy (technically):
AUDUSD bounced nicely off its support at 0.7490 (100% Fibonacci extension, 100% Fibonacci extension, 78.6% Fibonacci retracement, horizontal overlap support) where we expect to see price rising to its resistance at 0.7649 (50% Fibonacci retracement, 38.2% Fibonacci retracement, horizontal pullback resistance). We do have to be cautious of the intermediate resistance at 0.7582 (23.6% Fibonacci retracement, horizontal overlap resistance).
Stochastic (89, 5, 3) bounced off its support at 1.94% where a corresponding rise is expected.