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MEX_Exchange

AUDUSD approaching major support, prepare to buy

Long
Australian Dollar / U.S. Dollar (FX:AUDUSD)  
MEX_Exchange  
FX:AUDUSD   Australian Dollar / U.S. Dollar
Trend Analysis Harmonic Patterns Chart Patterns AUDUSD aud USD audusdshort audusdlong audusdforecast audusdsignal Forex forextrading
5
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trendanalysis harmonicpatterns chartpattern audusd aud usd audusdshort audusdlong audusdforecast audusdsignal forex forextrading

Buy above 0.7842. Stop loss at 0.7814. Take profit at 0.7917.
Reason for the trading strategy (technically):
Price has continued to drop strongly since yesterday. We prepare to buy above major support at 0.7842 (Fibonacci retracement, horizontal pullback support, Fibonacci extension) for a push up to at least 0.7917 resistance (Fibonacci retracement, horizontal swing high resistance).
Stochastic (34,5,3) is seeing strong support above 12% where we expect to see a corresponding bounce from.
Correlation analysis: We’re seeing commodity strength vs USD today with bounces expected on AUDUSD and NZDUSD.
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