AUDUSD Approaching Support, Buy On Weakness!
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.
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.