AUDUSD Testing Support, Prepare For A Bounce
Buy above 0.7106.
Stop loss at 0.7071.
Take profit at 0.7197.
Reason for the trading strategy (technically):
AUDUSD is approaching its support at 0.7106 (100% & 61.8%% Fibonacci extension, 78.6% Fibonacci retracement, horizontal swing low support) where price is expected to bounce up to its resistance at 0.7197 (38.2% Fibonacci retracement, horizontal swing high resistance).
Stochastic (55, 5, 3) is approaching its support at 4.08% where a corresponding bounce is expected.
Stop loss at 0.7071.
Take profit at 0.7197.
Reason for the trading strategy (technically):
AUDUSD is approaching its support at 0.7106 (100% & 61.8%% Fibonacci extension, 78.6% Fibonacci retracement, horizontal swing low support) where price is expected to bounce up to its resistance at 0.7197 (38.2% Fibonacci retracement, horizontal swing high resistance).
Stochastic (55, 5, 3) is approaching its support at 4.08% where a corresponding bounce is expected.