EURAUD Bounced Off Support, Prepare For Further Rise
Buy above 1.5444. Stop loss at 1.5363. Take profit at 1.5655.
Reason for the trading strategy (technically):
EURAUD bounced off his support at 1.5444 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing low support) and we expect it to rise further to its resistance at 1.5655 (horizontal swing high resistance). We do have to be cautious of the intermediate resistance at 1.5555 (50% Fibonacci retracement, horizontal overlap resistance).
Stochastic (89, 5, 3) bounced off his support at 14% where a corresponding rise is expected.
Reason for the trading strategy (technically):
EURAUD bounced off his support at 1.5444 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing low support) and we expect it to rise further to its resistance at 1.5655 (horizontal swing high resistance). We do have to be cautious of the intermediate resistance at 1.5555 (50% Fibonacci retracement, horizontal overlap resistance).
Stochastic (89, 5, 3) bounced off his support at 14% where a corresponding rise is expected.