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MEX_Exchange
May 4, 2018 7:49 AM

AUDUSD Approaching Support, Buy On Weakness!  Long

Australian Dollar/U.S. DollarFXCM

Description

Buy above 0.7510. Stop loss at 0.7461. Take Profit at 0.7643.

Reason for the trading strategy:
Price is bouncing off our major support at 0.7510 (horizontal overlap support, 100% Fibonacci extension). We expect a strong bounce to occur at this level, pushing price up to our major resistance at 0.7643 (horizontal overlap resistance, 50% Fibonacci retracement, 100% Fibonacci extension).

Stochastic (89,5,3) is also approaching our support, where bounce above this level might be a good precursor for a rise in price.
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