GBPAUD Approaching Support, Prepare For A Bounce!
Buy above 1.7803.
Stop loss 1.7685.
Take profit at 1.8032.
Reason for the trading strategy (technically):
GBPAUD is in a bullish channel where it is approaching its support at 1.7803 (100% Fibonacci extension, 76.4% Fibonacci retracement, 38.2% Fibonacci retracement, channel support) where a bounce up to its resistance at 1.8032 (61.8% Fibonacci extension) is expected.
Stochastic (55, 5, 3) is approaching its intermediate support where we expect to see a bounce.
Stop loss 1.7685.
Take profit at 1.8032.
Reason for the trading strategy (technically):
GBPAUD is in a bullish channel where it is approaching its support at 1.7803 (100% Fibonacci extension, 76.4% Fibonacci retracement, 38.2% Fibonacci retracement, channel support) where a bounce up to its resistance at 1.8032 (61.8% Fibonacci extension) is expected.
Stochastic (55, 5, 3) is approaching its intermediate support where we expect to see a bounce.