AUDUSD Approaching Support, Buy On Weakness!
Buy above 0.7510. Stop loss at 0.7461. Take Profit at 0.7646.
Reason for the trading strategy:
Price is approaching our major support at 0.7510 (horizontal overlap support, 78.6% Fibonacci retracement, 100% Fibonacci extension). We expect a strong bounce to occur at this level, pushing price up to our major resistance at 0.7646 (horizontal overlap resistance, 38.2% Fibonacci retracement, 61.8% Fibonacci extension).
Stochastic (55,5,3) is also seeing a bullish divergence and is 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 approaching our major support at 0.7510 (horizontal overlap support, 78.6% Fibonacci retracement, 100% Fibonacci extension). We expect a strong bounce to occur at this level, pushing price up to our major resistance at 0.7646 (horizontal overlap resistance, 38.2% Fibonacci retracement, 61.8% Fibonacci extension).
Stochastic (55,5,3) is also seeing a bullish divergence and is approaching our support, where bounce above this level might be a good precursor for a rise in price.
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