AUDUSD approaching major support, prepare for a bounce
AUDUSD is dropping nicely to Fibonacci fractal support, prepare for a big bounce from here.
Buy above 0.7639. Stop loss at 0.7577. Take profit at 0.7779.
Reason for the trading strategy (technically):
Price is approaching our major support at 0.7639 (78.6% Fibonacci retracement, 100% Fibonacci extension, 61.8% Fibonacci extension) and a strong bounce could occur at this level to push prices all the way up to major resistance at 0.7779 (Fibonacci retracement, horizontal overlap resistance).
Stochastic (55,5,3) is seeing major support above 2.9% where a corresponding bounce could occur.
Buy above 0.7639. Stop loss at 0.7577. Take profit at 0.7779.
Reason for the trading strategy (technically):
Price is approaching our major support at 0.7639 (78.6% Fibonacci retracement, 100% Fibonacci extension, 61.8% Fibonacci extension) and a strong bounce could occur at this level to push prices all the way up to major resistance at 0.7779 (Fibonacci retracement, horizontal overlap resistance).
Stochastic (55,5,3) is seeing major support above 2.9% where a corresponding bounce could occur.